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An independent record of the October 2026 Binance hack
This line is our short summary of the quote below. The quote is the evidence.
Stablecoin issuers began freezing funds 56 minutes after the first transfer. Tether acted first, at 21:01, about 37 minutes after the big Ethereum transaction, and Circle followed three minutes later. Binance suspended deposits and withdrawals that night and published a written update at 02:23 UTC, a little over six hours after the first transfer.
an attacker emptied Binance hot wallets on 10 blockchains
The most likely explanation is that the attacker gained the ability to make Binance's hot wallet signing system sign transactions of its choosing across chains.
Early signs on Ethereum pointed to phishing of the authorizations, which could explain Ethereum but none of the other chains.
Cap value and rate per wallet at the signer and hold new destinations for a second approval
Binance says it found no evidence that a private key leaked, while investigators say Binance's signing system signed for the attacker, and the two statements can both be true.