Did Binance just lose $27 million in stablecoins to a hack?

Table of Contents

• Is this a Binance wallet?
• Funds are quickly scattered

Crypto exchange Binance may have lost $27 million worth of stablecoins to a hack according to crypto sleuth ZackXBT.

Hacks are still abounding in the world of digital assets, and it seems that not a week goes by without someone somewhere getting hacked for varying amounts of cryptocurrencies.

Is this a Binance wallet?

This latest hack, although still not confirmed, appears to have been made on one of Binance’s wallets. Still the biggest crypto exchange by trading volume, a hack of a Binance wallet is admittedly quite a coup by this particular individual or group of hackers.

It appears someone had 27M USDT stolen yesterday.

0x0f2183c8e415e61b4ad7774bf1097019eb2d5b85798a2a229070495131d60321

USDT was quickly swapped for ETH, then transferred to a number of services (FixedFloat, ChangeNow, etc), and bridged to Bitcoin via THORChain. pic.twitter.com/SgEBwyZZSc

— ZachXBT (@zachxbt) November 12, 2023

The very accomplished on-chain detective, known on his X (Twitter) account as ZackXBT, is speculating that the transaction hash of the hack was the following:

0x0f2183c8e415e61b4ad7774bf1097019eb2d5b85798a2a229070495131d60321

Looking this up on Etherscan does give the information that $27,071,365 in Tether USDT was transferred out of the suspected “Binance deployer” wallet.

Funds are quickly scattered

ZachXBT goes on to state in his post that “the USDT was quickly swapped for ETH, then transferred to a number of services, which included FixedFloat and ChangeNow." It was also “bridged to Bitcoin via THORChain.”

In the tweet thread it was pointed out that the wallet was only funded a week ago, and another replier posed the question as to why such a large sum would be held in a hot wallet.

As was stated in this article, it must be borne in mind that the hack has not been confirmed, and neither is Binance confirmed as the wallet owner. More details are bound to follow.