Binance Hack Fears Rattle Crypto Market as BNB Drops 7%

Reports of suspicious multibillion-dollar transfers from Binance-linked wallets triggered a sharp cryptocurrency selloff, raising fears of a potential security breach at the world’s largest crypto exchange. Blockchain security firm Blockaid identified approximately $3.3 billion in suspicious transfers, while Arkham Intelligence tracked roughly $5.84 billion across wallets labeled “binance-hacker-1029.” Neither figure has been confirmed as the amount stolen.

BNB, the native token of BNB Chain, fell 7.2% to around $702, according to CoinGecko data cited in the report. Bitcoin dropped 3.1% to approximately $78,674, while Ether declined 4% to about $2,263. Total crypto market capitalization fell 3.3% to roughly $2.73 trillion as 24-hour trading volume surged nearly 29% to $89.4 billion.

Binance said it was investigating a potential security issue and insisted that user funds were “completely safe.” Tether and Circle also said they had frozen more than $2.3 billion in stablecoins linked to the incident, while blockchain analysts continued tracing the suspicious wallet activity. The episode underscores the risk posed by large-scale transfers from exchange-linked wallets and the role of stablecoin issuers and on-chain security firms in responding to major crypto incidents.