Crypto · October 29, 2026
Bitcoin Drops on Binance Hack as Stock Selloff Also Weighs
Bitcoin and the broader cryptocurrency market experienced a sharp decline on October 29 and 30 following reports of a significant security breach at Binance. Large, suspicious transfers totaling billions of dollars were observed leaving Binance-labeled wallets, prompting the exchange to launch an investigation into what it termed a potential security issue. High-profile figures within the industry, including former CEO Changpeng Zhao, publicly discussed the likelihood of a hack, contributing to the market's volatility.
Read the original coverage
- CryptoSlateCrypto trade press
Bitcoin dives below $79,000 as Binance hot wallet drained by Tornado Cash-linked wallet
Read at CryptoSlate ↗ - CointelegraphCrypto trade press
Binance hack rattles crypto markets as BNB falls 7%, Bitcoin slides
Read at Cointelegraph ↗ Bitcoin Drops on Binance Hack as Stock Selloff Also Weighs
Read at Bloomberg ↗
Hype check
How the hype check worksConfirmed · 2
Backed by filings, on-chain data, official statements or several independent publishers.
- Binance is investigating a potential security issue (Binance)
- Tether and Circle froze assets related to the incident (Paolo Ardoino (Tether CEO) and CryptoSlate)
Claimed · 2
Said by a company, project or person; not yet independently confirmed.
- The incident looks like a hack on Binance (Changpeng Zhao)
- Binance said it had been hacked (Bloomberg)
Speculation · 1
Price talk, forecasts or unnamed sources, quoted as someone else's view.
- Reports of suspicious multibillion-dollar transfers are fueling uncertainty (Cointelegraph)
Reported by multiple outlets
- Binance is investigating a potential security issue regarding its wallets.
- Large transfers left Binance-labeled wallets.
- Bitcoin's price declined following reports of the incident.
Reported by only some outlets
- CryptoSlate and Cointelegraph reported the transfers were linked to Binance-labeled wallets, while Bloomberg stated Binance said it had been hacked.
- CryptoSlate reported Whale Alert recorded 28,005 ETH and 780 million USDC leaving Binance wallets at specific UTC times.
- Cointelegraph reported the broader crypto market fell 3.3% and BNB fell 7%.
Industry-friendly coverage frames it as…
emphasize the specific on-chain transactions, the involvement of stablecoin issuers in freezing assets, and the technical details of the wallet movements.
Skeptical / consumer coverage frames it as…
attribute the price decline to broader market factors such as a stock selloff alongside the security incident.
Numbers that differ
- Bitcoin price low: reported by CryptoSlate at $78,297 on Oct 29; reported by Bloomberg at below $77,000 on Oct 30
- Total suspicious transfers: reported by CryptoSlate at close to $2.8 billion across five chains; reported by Cointelegraph as multibillion-dollar transfers
- Tether frozen amount: reported by CryptoSlate at approximately $1.57 billion
- Circle frozen amount: reported by CryptoSlate at approximately $823 million
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CadNews does not determine absolute truth or endorse political viewpoints. It compares publicly available reporting, identifies shared facts, highlights framing differences, and flags uncertainty.