Binance investigates suspicious transfers of up to $5.8 billion; Tether and Circle freeze stablecoins
Original title: Binance Investigates Suspicious Crypto Transfers Worth Up to $5.8 Billion
No breach is confirmed; the funds' ownership and whether transfers were authorized remain unknown, and stablecoin freezes cannot recover Ether or Bitcoin.
Binance is investigating large transfers from exchange-linked hot wallets to an unidentified wallet on October 29, with estimates ranging from about $3.55 billion to $5.8 billion. The company has not confirmed a breach and says user funds are "completely safe", while co-founder CZ said the activity appeared to be a hack. Tether and Circle froze roughly $1.79 billion in stablecoins linked to the transfers, and Tether's CEO later said it had frozen over 1.567 billion USDT.
Unconfirmed: Binance has not confirmed a breach; figures come from on-chain analysts and differ widely, and the transfers may not represent stolen funds.
- On-chain analysts tracked about $3.55 billion in transfers to an unlabeled wallet.
- Coinbase's Conor Grogan estimated the total could reach $5.8 billion.
- Tether says it froze more than 1.567 billion USDT; Circle also froze funds.
- Binance says user funds are "completely safe" and it is investigating.
- Co-founder CZ said the activity appeared to be a hack.
Impact: possible theft of billions in cryptocurrency from exchange-linked hot wallets
- 1.Watch for scams and unofficial links claiming to be Binance account notices.
- 2.Do not trust unofficial messages or requests for account information.
From the original article
5 min read at securityaffairs.com
Binance probes suspicious crypto transfers worth up to $5. 8 billion as Tether and Circle freeze $1. 79 billion in stablecoins linked to the activity.
By Pierluigi Paganini · securityaffairs.com
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