Binance hot wallets lose $5.6B in reported hack across three chains
An October 29th on-chain account says the exploiter put about $60 million in stolen USDT on Aave V3 as collateral and borrowed roughly 19,800 ETH before stablecoin freezes took effect. Binance has not confirmed an impact on user assets, and the attack vector remains unknown.
By Ryan Merket · Published · Updated
Primary source: x.com
Why it matters
The reported $5.60 billion outflow and $620 million in hourly liquidations show how quickly a security incident can hit leveraged crypto markets. An October 29th X post says the exploiter used about $60 million in stolen USDT as Aave V3 collateral to borrow roughly 19,800 ETH before stablecoin freezes took effect, illustrating how borrowed assets can move beyond the issuers' direct control. The post's unfrozen asset breakdown does not reconcile with its stated total, and Binance has not confirmed an impact on user assets.
Transfers and market reaction
An October 29th post by @nobrainflip on X says $5.60 billion was pulled from Binance hot wallets across Ethereum, Bitcoin and Tron. The post counts 67 assets, including 63 swept from Binance 14 in a single transaction, and reports another $200 million moved minutes before publication. It says the attack vector had not been confirmed.…
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