Binance says its Oct 29 hot-wallet incident drained around $6.3B, with TRM Labs putting it at $6.36B, making it the largest crypto theft on record at about 4x the $1.5B Bybit hack in 2025, as Binance reported.

Binance says its Oct 29 hot-wallet incident drained around $6.3B, with TRM Labs putting it at $6.36B, making it the largest crypto theft on record at about 4x the $1.5B Bybit hack in 2025, as Binance reported.

On Ethereum, the attacker used EIP-7702, the May 2025 upgrade that lets an ordinary wallet run contract code on a valid authorization signature. About 50 pre-collected authorizations were sent in one type-4 transaction so a single valid nonce turned the Binance 14 wallet into the attacker's sweeper, draining about $2.5B in ETH and tokens in about four minutes, per CoinDesk.

About $3B is frozen on chain so far, up from $2.54B earlier, including over $1.567B USDT by Tether and over $800M USDC by Circle plus Ripple, WLFI and Arbitrum action, as Binance confirmed. Frozen means blacklisted in place, not recovered, with about $3B still liquid mostly in BTC and ETH.

Binance says user funds are safe and it will cover all losses from SAFU and company funds, with over $6.34B reserved and $5B already held in the impacted assets, buying the rest via market and OTC for Proof of Reserves verification. Figures from $5.9B per Chainalysis cited in the viral chart to over $1B per CZ remain disputed, and 2026 hacks now total $8.7B across 322 attacks with Binance at 73%, per mementoresearch.