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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.
At 20:41:23 the operator called Binance 14 with a different function. The delegated code called execute on Hot Wallet 34 with an ERC-20 transfer, moving 780 million USDC to the hub (transaction 0xdc10…7481, block 26,300,855). * Another 43 million followed at 20:59:47. Together that is the 823 million USDC Circle froze.
From this source: Explained: Hacks Inside the Largest Crypto Theft on Record: What the $6.3 Billion Binance Hack Means for Bank Custody 10.30.2026, with all of its statements.
Binance’s own pipeline pushed 200 million USDT into a compromised wallet eighty minutes after the drain.
Binance lost about four percent of what it held, which sounds like a conservative hot allocation until four percent is six billion.
In both, the legitimate signing system produced a valid signature for the attacker's transaction, and in neither was a key broken, extracted or, as far as anyone can show, copied.
On October 29, 2026, between 20:05 and 23:56 UTC, an attacker moved about 6.3 billion dollars out of Binance's hot wallets on ten blockchains, and nobody has yet shown that a private key was stolen.
In Bybit, Sygnia traced the loss to a compromised developer workstation at the wallet provider, stolen cloud session tokens and a tampered signing interface. Same playbook, different entry. Precedent is not evidence, but it is a very good search warrant.