Binance Wallet Moves $2.5B to Fresh Address in Suspected Hack; Bitcoin Slips to $79K
Author: Crypffalo Research · 04:18 30/10/2026
A Binance-labeled hot wallet sent about $2.5 billion to a new address, sparking hack fears. Binance has not confirmed an attack; BTC slipped near $79,000 and about $629 million was liquidated in an hour.
A hot wallet labeled as Binance on Etherscan moved roughly $2.5 billion in assets to a fresh address at 20:24 UTC on Thursday, Oct 29, sparking fears the exchange had been hacked. As of writing, Binance has not issued any statement confirming or denying an attack.
Markets reacted immediately. Bitcoin fell about 2.7% over 24 hours to around $79,000, BNB dropped more than 6%, and roughly $629 million in positions were liquidated within an hour, according to CoinGlass.
Key takeaways
- Confirmed: large outflows from Binance-labeled wallets are visible on Etherscan and reported by multiple outlets.
- Unconfirmed: whether this is a hack or an internal wallet operation; Binance has not commented.
- Size: about $2.5 billion in the first transaction, with total estimates of $2.8–3.3 billion that may overlap.
- Prices: BTC near $79,000 (-2.7% in 24h), ETH around $2,260 (-4%), BNB around $707 (-6.4%).
- Liquidations: about $629 million in one hour, mostly longs.
What happened on-chain
According to Etherscan data cited by PANews and Coindoo, the transfers unfolded in under 20 minutes:
- 20:24 UTC: the "Binance 14" wallet sent about 167,500 ETH, roughly 1.6 billion USDT and more than 60 other tokens to new address 0x5227…2f8c in a single transaction worth about $2.5 billion.
- 20:41 UTC: "Binance: Hot Wallet 34" sent a further 780 million USDC to the same address.
- Later: PANews reported the recipient forwarded about 195,500 ETH to another wallet, which no second source has yet confirmed.
PANews and on-chain researcher Spreek said the address that initiated the transfers was funded through coin mixer Tornado Cash. That detail has fueled suspicion but has not been independently verified.
Why it is too early to call it a hack
Coindoo and CoinDesk both note that wallet movements alone do not prove theft. Spreek himself said routine wallet maintenance could not be ruled out, even though he found the activity suspicious.
The totals also don't line up yet. The Walter Bloomberg account cited $2.77 billion across five blockchains, SolanaFloor nearly $3 billion, and PANews about $3.3 billion including the USDC transfer. The $2.5 billion first transaction is the clearest figure for now.
What it means for crypto markets
The news hit an already fragile market, with bitcoin reversing after a bounce to $81,500 on U.S. GDP data. Most liquidations were longs, a sign that leveraged traders were caught off guard.
- Bull case: Binance confirms an internal transfer or says user funds are safe, and prices recover much of the drop.
- Risk case: if this is a real hack, it would rank among the notable exchange breaches in crypto, risking withdrawal waves and selling pressure on BNB and ETH.
Traders may want to wait for an official statement rather than react to social media claims.
What to watch next
- An official statement from Binance, CEO Richard Teng or CZ, and the status of withdrawals.
- Fund movements from 0x5227…2f8c, especially through bridges or mixers.
- Roughly $10–11 billion in bitcoin options expiring on Oct 30; see the economic calendar and real-time liquidations.
Frequently Asked Questions
Has Binance confirmed a hack?
No. As of writing, Binance has neither confirmed nor denied an attack.
Why did bitcoin fall if the wallet held ETH and stablecoins?
Concerns about the safety of a major exchange triggered selling and deleveraging across the market. About $629 million in liquidations within an hour amplified the move.
What should Binance users do?
Follow Binance's official channels and watch out for phishing links. Avoid acting on unconfirmed rumors.
*This content is for information only and is not financial advice.*
Tags: Binance, Hack, Bitcoin, Liquidations, Security
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