Binance Hot Wallet Outflows Reach $6.01 Billion Across Nine Blockchains

Binance hot wallets sent $6.01 billion in assets across nine blockchains on Oct. 29, as the exchange paused withdrawals amid reports of a potential security issue.

Arkham attributed the outflows to wallets it had tagged as tied to a Binance hacker. The transfers occurred from 4:10 to 7:05 p.m. ET on Oct. 29 (20:10-23:05 UTC); about $4.9 billion moved in roughly 15 minutes.

Issuers froze $2.8 billion, while about $2.9 billion in Ether (ETH), Bitcoin (BTC), Tron (TRX), Solana (SOL) and other tokens remained movable. The two rounded estimates do not account for the full $6.01 billion outflow total.

An Ethereum transaction moved 64 tokens worth about $2.532 billion, including 167,464 ETH valued at about $387.8 million and $1.62 billion in Tether (USDT). In one Bitcoin block, 11 transactions moved 18,270.2 BTC, valued at about $1.467 billion.

Binance said it was aware of reports concerning a potential security issue, said customer funds were safe and paused withdrawals. Binance co-founder CZ said the event appeared to be an attack on the exchange.