Binance is investigating a potential security issue after reports that billions of dollars were drained from user accounts on the cryptocurrency exchange.
A total of $2.8bn (£2bn) was suddenly withdrawn from Binance accounts on 29 October 2026, with more than $2bn in Ethereum (ETH) and tokens sent to an address created just hours earlier.
Binance statement on reported security issue
In a statement, Binance said: "Our teams are aware of reports of a potential security issue and are actively investigating. At this stage, we have not confirmed any impact to user funds."
The exchange added: "Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information. Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information."
Details of the reported drain
The reported drain involved over $2bn in Ethereum and tokens being moved to a newly created address. The exchange has not yet confirmed any impact on user funds.
Binance's security teams are reviewing all relevant information and will provide updates through official channels once verified information is available.
