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An independent record of the October 2026 Binance hack
This line is our short summary of the quote below. The quote is the evidence.
But the industry caught up with them more quickly than they expected: by 5:14 pm eastern the freezes started.
Reviewer note: Chainalysis states 5:14 p.m. Eastern. Converted to UTC at UTC-4. Hacken and TRM list Tether's freeze at 21:01 UTC.
Unauthorized transfers totaled approximately $6.4 billion, the largest theft in crypto history.
The strongest evidence emerged when Chainalysis investigators observed, in real time, funds stolen from Binance commingling with funds stolen in last month’s Bitget exploit, which had been attributed to North Korean actors.
This repeated sequence suggests a programmatic process for moving and redistributing the stolen funds.
Many addresses follow a consistent pattern: they receive exactly 1 TRX, then receive additional funds, then forward funds to other addresses.
Over nearly 20 minutes it swapped $325 million in stablecoins into $285 million in ETH.