Binance hackers race to move stolen funds before freeze
ITF Team1 min read
Hackers quickly swapped stablecoins for non‑freezable crypto after a breach, while Binance says it has $5 billion in matching tokens to cover losses.
After a breach at Binance, attackers hurried to convert stolen stablecoins into cryptocurrencies that issuers cannot freeze, prompting industry players such as Tether and Circle to scramble to lock down billions of dollars in assets.
Binance’s loss‑covering buffer
- Binance disclosed that it holds $5 billion in matching tokens to offset the hack’s financial impact.
Broader market fallout
- The incident coincided with Bitcoin’s steepest October decline in 12 years, a sell‑off that also weighed on gold prices.
Technical factors and warnings
- Analysts noted that the EIP‑7702 upgrade did not cause the breach, though it may have magnified the losses.
- Trezor warned buyers of the CryptoBilis token to relocate their funds amid suspicion of a malicious implant.
What traders are watching
- Potential further freezes by Tether and Circle as they seek to immobilise the stolen assets.
- Continued volatility in Bitcoin and gold as the market digests the hack’s repercussions.
Related news
- Market overview – 31 October 2026
- Binance tries to recover $6.3bn from north korea linked hack
- Binance hack hits $6.3 billion, biggest crypto theft on record
- Evening market overview, Oct 30, 2026
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This article is compiled from international market news for information only. It is not investment advice.