Binance Hit by Historic Hack: $5.8 Billion Drained, Part of It Frozen

A simple on-chain signal was enough to turn the evening of October 29 upside down. At 10:32 pm, researcher Spreek detects an anomaly on Ethereum. Four minutes earlier, a contract had just emptied a Binance wallet of 167,464 ETH. In a few hours, several stablecoin issuers froze 2.54 billion dollars, while the exchange confirmed one of the biggest hacks in crypto history. The Ledger, Coldcard and Keystone incidents had already weakened trust in crypto wallets. This time, the scenario differs: the attack is not targeting a cold wallet. It all starts on October 28. An address, 0x7C86, receives 0.1 ETH from Tornado Cash, a mixer used to blur fund traceability. This small amount suffices to cover transaction fees.

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