Binance Hot Wallet Suspected of Unusual Outflows; New Address Holds Over $2 Billion in Assets

TechFlow reported on Oct. 30 that, according to CoinDesk, on-chain analysts are tracking funds from a Binance wallet being continuously transferred to a new external account that currently holds over $2 billion in ETH, USDT, USDC and other assets.

Security firm Blockaid said it is investigating a series of large outflows from Binance hot wallets beginning around 04:24 Beijing Time, noting that the on-chain characteristics are consistent with unauthorized fund transfers but have not yet been confirmed by Binance. As a result, BNB fell about 6% within an hour, BTC dropped about 2% to around $78,800, and ETH declined about 3%.

TechFlow previously reported that early today, Whale Alert had continuously detected multiple large asset transfers out of Binance, including USDT, USDC, ETH and BTC. The incident is still developing; please be aware of the risks.

Source: TechFlow