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Major Hacks Hit Binance and Bybit, Draining Billions in Ethereum

2 reports, 2 independent Updated Fri 00:00
No new developments lately Reached 2 outlets in its first 24 hours
Reports
2
Developments
2
Repetition
0%

New informationRepeats or wire copies

AI-generated briefing. Brind wrote this from the reports listed below and has updated it as the story developed. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.

What happened

Some supportReported by 2 outlets

On October 29, 2026, Binance paused withdrawals after over $3 billion was drained from its Ethereum hot wallets in a suspected hack, prompting Tether and Circle to freeze $2.4 billion in stablecoins. The following day, Bybit suffered a major hack draining Ethereum hot wallets. Analysis of the Binance incident suggests the attack involved an address funded through Tornado Cash submitting an EIP-7702 delegation to a Binance hot wallet.

From techreport.com, investinglive.com

Why it matters

Some supportBrind's analysis of the reports

The losses from the Binance incident alone were estimated at $5.912 billion, highlighting critical security failures across crypto infrastructure. Furthermore, the attacker holding over $1 billion in Ether has been selling smaller tokens, which could weigh on Ether’s price if large sales occur.

From techreport.com, investinglive.com

Who's involved

  • BinanceCryptocurrency exchange that suffered the initial $3B+ hack and paused withdrawals.
  • BybitCryptocurrency exchange that suffered a major hack on October 30, 2026.
  • EthereumPublic blockchain platform whose hot wallets were drained in both incidents.
  • Tornado CashDecentralized protocol used in the suspected Binance attack to fund the draining address.
  • CircleStablecoin issuer that froze over $800 million in stablecoins following the Binance hack.

Who could feel it

Possible knock-on effects

These are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.

  • CircleSpeculative

    Circle might face increased operational costs or constraints due to the need to freeze large amounts of stablecoins.

  • BinanceSpeculative

    Binance could face decreased liquidity and increased operational costs due to the withdrawal pauses.

  • CryptoSpeculative

    Crypto infrastructure might see increased insurance or compliance costs following the demonstration of critical security failure.

How it developed

Newest first. Tap a step to see who reported it.
  1. The hack involved Tornado Cash and affected multiple exchanges, with outflows appearing on Tron and Bitcoin.1 source
  2. Bybit suffered a record hack, with attackers using Tornado Cash and Circle freezing stablecoins.1 source

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The entities involved

Coverage

Newest first; wire copies grouped