Jameson Lopp, co-founder and chief security officer of Casa, claimed today that the ongoing security incident at Binance is the largest exchange hack in history. In a post on X (formerly Twitter) on Thursday, October 29, 2026, Lopp stated, “Looks like this was the largest exchange hack of all time with over $5B in assets stolen today from Binance hot wallets.” This follows earlier reports of suspicious outflows from the exchange.
The claim comes amidst a flurry of activity regarding a potential exploit at Binance. Earlier today, Binance founder Changpeng Zhao confirmed an apparent hack, noting that Tether froze approximately $971 million and Circle froze around $823 million in stablecoins associated with the incident. Tether CEO Paolo Ardoino confirmed freezing over 1.567 billion USDT, while Circle CEO Jeremy Allaire stated more than 800 million USDC was frozen. Gokhshtein Media previously reported on the apparent hack and the freezing of $1.79 billion in stablecoins.
Lopp's assessment of a $5 billion loss, if confirmed, would significantly escalate the scale of the Binance incident beyond initial estimates and potentially trigger broader market concerns about exchange security. The crypto market's Fear & Greed Index currently stands at 51, indicating a neutral sentiment. Investors will be watching for official confirmation from Binance or further details from stablecoin issuers regarding the total extent of the losses and their impact on the wider digital asset market.
