30.10.2026 11:36
New details have emerged in the $6.3 billion cyberattack targeting Binance. While it was reported that the hackers converted a portion of the stolen crypto assets into Ethereum and transferred them to different wallets, sharp declines occurred in cryptocurrency markets after the attack. As Bitcoin fell to the $76,000 level, approximately $1.5 billion in leveraged positions were liquidated. Binance, meanwhile, announced that approximately $3 billion in assets had been frozen.
While the repercussions of the approximately $6.3 billion cyberattack on Binance, the world's largest cryptocurrency exchange, continue, new details have emerged about how the stolen assets were moved. It has been determined that the attackers converted part of the seized cryptocurrencies into Ethereum (ETH), while security concerns brought sharp sell-offs in the markets. Bitcoin fell to levels of $76,000, while approximately $1.5 billion in positions were liquidated in leveraged trades.
HACKERS CONVERTED THE STOLEN MONEY INTO ETHEREUM
A new phase has been entered in the Binance attack that shook the cryptocurrency market. According to an examination by blockchain analysis company Bitquery, the attackers converted part of the digital assets they seized into different cryptocurrencies and transferred them to various wallets.
It was determined that the attackers particularly tended to convert stablecoin assets whose value is pegged to the US dollar into Ethereum.
The analysis stated that the attackers seized approximately 200,000 ETH from Binance and then bought approximately 290,000 more ETH with other stolen cryptocurrencies.
It was noted that a significant portion of these transactions were carried out through decentralized cryptocurrency platforms such as Uniswap.
THEY PAID 15 PERCENT MORE TO CONVERT THE MONEY
It has emerged that the attackers accepted serious costs in order to carry out the transactions quickly.
According to blockchain data, during the conversion of stolen stablecoin assets into Ethereum, costs in some transactions were approximately 15 percent above the market price.
This indicates that the attackers prioritized moving the assets as quickly as possible.
In the experts' examinations, it was determined that some crypto assets were first transferred to newly created wallets and then converted into other assets on decentralized exchanges.
$3.1 BILLION IN CRYPTOCURRENCY IS IN THE HACKERS' HANDS
In Bitquery's examination of blockchain records on the morning of October 30, it was determined that approximately $3.1 billion worth of crypto assets were found in addresses controlled by the attackers.
While Bitcoin and Ethereum make up the majority of these assets, it was stated that other cryptocurrencies held on different networks are also in wallets controlled by the attackers.
At the time of the examination, it was seen that the assets in the largest Bitcoin and Ethereum wallets had not been moved, while in some Ethereum addresses the conversion of other cryptocurrencies into ETH continued.
In the same examination, no transaction was detected indicating that the assets in question were transferred to cryptocurrency exchanges or to mixing services used to conceal transaction history.
BITCOIN SAW ITS LOWEST LEVEL IN 6 WEEKS
Sharp declines were experienced in cryptocurrency markets after the Binance attack.
Bitcoin lost more than 3 percent in Friday's Asian market trading, falling as low as $76,368. This level was recorded as the lowest point of the last six weeks.
Ethereum, the second-largest cryptocurrency by market value, fell more than 3 percent to as low as $2,178. Ethereum thus saw its lowest level in about two months.
BNB, linked to the Binance ecosystem, was also affected by selling pressure. BNB's price fell about 5 percent within 24 hours to $709.70.
The sell-off in the cryptocurrency market was not limited to digital assets. Shares of US-based cryptocurrency exchange Coinbase fell 4.8 percent, while shares of Strategy, known for its Bitcoin investments, lost about 6 percent.
$1.5 BILLION IN POSITIONS WERE LIQUIDATED
The sudden drop in cryptocurrency prices also severely affected investors trading with leverage.
According to market data, approximately $1.5 billion in futures positions were liquidated. The largest losses were experienced in long positions opened in expectation that cryptocurrency prices would rise.
Of the liquidations, approximately $468 million occurred in Bitcoin trades and $358 million in Ethereum trades.
The sharp price movements caused investors to reassess security risks in the cryptocurrency market.
LARGE INVESTORS HAVE STARTED WITHDRAWING THEIR MONEY FROM EXCHANGES
The effects of the attack have also begun to spread beyond Binance.
According to information conveyed by people close to developments in the cryptocurrency market, institutional investors tended to withdraw the digital assets they held on centralized cryptocurrency exchanges after the attack.
It was stated that this movement was not limited to Binance, and the security of assets on other centralized exchanges was also being reassessed by investors.
However, how much in total assets investors withdrew and to which platforms these funds were transferred has not yet become clear.
WARNING FROM A GIANT BANK FOR THE CRYPTOCURRENCY MARKET
International banking institution Standard Chartered also made a noteworthy assessment of the cryptocurrency market after the Binance attack.
Geoffrey Kendrick, the bank's Global Head of Digital Assets Research, stated that the attack and developments regarding the freezing of assets were putting pressure on cryptocurrency prices.
Kendrick drew attention to the fact that it may be difficult to establish a new balance in the markets before all the details of the incident emerge and the status of the frozen assets is clarified.
Expressing that downward pressure on cryptocurrency prices may continue in the short term, Kendrick assessed that what happened could direct investors toward decentralized exchanges.
BINANCE FROZE $3 BILLION IN ASSETS
Binance management announced that approximately $3 billion worth of crypto assets affected by the attack were identified and frozen as a result of work carried out with business partners.
Tether froze approximately $1.57 billion worth of USDT assets, while Circle took a similar step for more than $800 million in USDC.
It was stated that Ripple froze approximately $200 million in assets, while World Liberty Financial, linked to US President Donald Trump's family, also participated in efforts to prevent the movement of assets related to the attack.
However, Binance has not yet made a definitive statement regarding the fate of the entire approximately $3.3 billion portion.
THE ATTACK IS THOUGHT TO HAVE STARTED FROM AN ENGINEER'S COMPUTER
According to Binance's initial investigations, the attackers may have gained access to systems by seizing the laptop of one of the company's engineers.
While it is assessed that unauthorized withdrawals were carried out through this access, the company reported that technical investigations are ongoing to uncover all stages of the incident.
Binance announced that user funds are safe and that all losses incurred due to the attack will be covered by the company's resources.
It was stated that security checks are continuing to restart services after withdrawals were temporarily suspended.
THE LARGEST ATTACK IN CRYPTO CURRENCY HISTORY
With a size of approximately $6.3 billion, the Binance incident is considered the largest cryptocurrency attack reported to date.
Previously, in an attack on the Bybit exchange in February 2025, approximately $1.5 billion worth of crypto assets were stolen.
The fact that the Binance attack is about four times larger has reopened the debate on security measures in the cryptocurrency sector.
As the investigation continues, attention in the markets has turned both to the movement of billions of dollars in assets controlled by the attackers and to the new steps Binance will take.
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