Binance wallets lose $2.77 bln across five blockchains as drain is investigated
On-chain data shows the funds leaving, but nothing yet establishes that the exchange has been hacked.
Some $2.77bn has left Binance wallets across five blockchain networks, according to on-chain data cited by Bitcoin Sistemi, which said whether the exchange has been hacked is under investigation. For now the figure describes a movement of funds, not a proven loss.
The scale is hard to judge without a denominator. A third-party tracker, Stablescan, put stablecoins in Binance's own wallets at $38.7B across six networks as of October 16, most of it on Ethereum ($33.6B). That covers stablecoins only, not total assets, and the assets and chains involved in this outflow have not been identified. But if the money was stablecoins, the sum would be a meaningful slice of that pool rather than a rounding error.
The one detail that points toward theft comes from an X post reported by Crypto Briefing. It claimed the funds went to new addresses with no prior history, seeded through the Tornado Cash mixing service. Crypto Briefing said no public on-chain data or report had confirmed the link.
The question, then, is which explanation is established first. If a drain is confirmed, attention turns to how the exchange covers customer balances and whether withdrawals are affected. If the transfers prove internal or otherwise explained, the story loses most of its weight.
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