Binance Faces $5.8B+ Exploit, Marking Major Crypto Breach

Binance is investigating reports of a potential security breach tied to an Ethereum wallet that appears to have triggered large, fast-moving stablecoin outflows. According to blockchain observers and stablecoin issuers, suspicious transfers prompted the freezing of nearly $1.8 billion across USDC and USDT, while analytics firms put the broader set of affected wallets’ reported holdings far higher. On Thursday, blockchain researcher Spreek first flagged activity involving a Binance -linked Ethereum wallet moving funds to a newly created address via a contract call allegedly funded by Tornado Cash.