UPDATE: Binance hot wallets hit in $6.3B exploit as hacker swaps $325M before freezes
CIE News ·
Update to Stablecoin issuers freeze over $2.6 billion following suspected Binance hack
Confirmed by independent sources.
Following a $6.3 billion exploit of Binance's hot wallets, the attacker converted $325 million in stablecoins into Ether before issuers locked roughly $2.67 billion in assets.
A $6.3 billion exploit targeting Binance hot-wallet infrastructure triggered the emergency freezing of roughly $2.67 billion in stablecoins by major issuers. As previously reported, stablecoin issuers moved to lock stolen liquidity across multiple blockchains, but blockchain analytics firms TRM Labs and Chainalysis reported that the attacker successfully swapped approximately $325 million in stablecoins into $285 million of ether (ETH) on decentralized venues before the contract blacklists took full effect.
TRM Labs traced unauthorized outflows across ten networks beginning late October 29, 2026, estimating total losses at $6.36 billion at the time of the transfers, with Ethereum accounting for about $3.79 billion. Both TRM Labs and Chainalysis attributed the breach to North Korea's TraderTraitor group. Tether, Circle, Ripple, and World Liberty Financial executed rapid blacklists throughout October 30, with Ripple locking 40.5 million Ripple USD (RLUSD) and Circle freezing over 800 million USD Coin (USDC).
Binance stated it temporarily suspended withdrawals across several blockchains as a precautionary measure while investigating the security incident. The exchange stated that user funds remain safe.
Key facts
- $6.3B Binance hot-wallet exploit
- $325M swapped for $285M in ETH
- $2.67B stablecoins frozen
- TraderTraitor blamed by analysts
Read the original at chainalysis.com
Sources
- chainalysis.com — Binance Hack: Tracing the $6.4 Billion Theft to North Korea
- trmlabs.com — North Korea Steals USD 6.36 Billion From Binance in the Largest Hack in History
- forbes.com
- cryptoslate.com — Trump's crypto firm joins Tether, Circle, and Ripple in $2.6 billion stablecoin freeze as Binance hack outflows near $6 billion