News · Security & Hacks
Third-party estimates place losses past $5.8 billion as stablecoin issuers freeze assets and Binance pledges user compensation.
Key point 1 of 3
01
Binance paused withdrawals at 6:22 p.m. on Oct. 29 following massive unauthorized asset drains characterized by founder Changpeng Zhao as a hack.
Key point 2 of 3
02
Internal estimates from Binance placed losses at $2.54 billion, while Arkham Intelligence estimated stolen funds exceeded $5.8 billion.
Key point 3 of 3
03
Tether, Circle, Paxos, and World Liberty Financial froze illicit stablecoins, and Binance CEO He Ye pledged full reimbursement for affected users.
Context
The unauthorized outflows began late in the afternoon of Oct. 29 following suspicious preparatory transfers identified by onchain researchers throughout the day.
Why it matters
Exchange trading and withdrawals were paralyzed, stablecoin issuers initiated targeted asset freezes, and customer balances face ongoing auditing.
What to watch
Release of the exchange's official technical post-mortem and final confirmed figures regarding asset recovery from stablecoin blacklists.
Sources
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