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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.
Finally, no government has confirmed anything, whereas after the Bybit theft the FBI named North Korea within five days .
None of this is proof, and the most careful reading explains why. The overlap with Bitget is small, about $39,000 of Binance funds at the shared address against about $510,000 from Bitget, and that shows a shared laundering network, not necessarily the same hackers. The thief also left most of the stolen USDT unconverted for 37 minutes on Ethereum and 46 on Tron, where North Korean groups usually move faster. The laundering through market makers and lending protocols doesn't match the older pattern either, and the root cause is still unpublished, which that firm calls "the most diagnostic fact still missing."
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