Bitcoin whipsaws below $79,000 as Binance hot wallet reportedly drained by Tornado Cash-linked wallet

Bitcoin hit an intraday low of $78,297 on Binance spot on Oct. 29 and sat near $79,126 at press time, as large transfers left Binance-labeled wallets. Binance shared on X that the exchange is “aware of reports of a potential security issue and are actively investigating.” Former CEO Changpeng Zhao went further on X, arguing that “it does look like a hack on Binance.” Tether CEO Paolo Ardoino confirmed that the firm froze roughly $1.57 billion related to the potential hack, while Circle froze about $823 million. Whale Alert recorded 28,005 ETH, about $64.9 million, leaving a Binance -labeled wallet at 20:24:47 UTC, and 780 million USDC leaving another at 20:41:23 UTC. Both went to the same new address.

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