BNB Weakens After Alleged Binance Hack, Panic Selling Pressures Price

It took only 35 minutes for BNB Token to lose 6.3% of its value, according to CryptoTicker. BNB price fell after billions of dollars in crypto assets left Binance hot wallets. The alleged Binance hack triggered panic selling in the crypto market on Thursday (10/29/2026).

Key Takeaways

• BNB fell 4.32% in 24 hours to Rp12,941,567.62, with trading volume surging 167.1%.
• Billions of dollars in funds were drained from Binance hot wallets. Tether and Circle froze most of the related stablecoins.
• Binance stated that user funds are safe, but the total loss and the status of withdrawals are not yet fully clear.

BNB Price Today Pressured by Selling

According to CoinMarketCap data, BNB is trading at Rp12,941,567.62, down 4.32% in 24 hours. BNB still holds fourth place with a market capitalization of around Rp1.7 quadrillion. 24-hour volume reached Rp77.5 trillion, up 167.1%. The 24-hour low was at Rp12,370,961.

In US dollars, BNB briefly touched USD 678.13 before rising slightly to USD 703.55. At the same time, Bitcoin fell 3.25% to USD 79,117, according to Tokenpost.

The hourly chart shows a typical panic-selling pattern: one long red candle dragged the price down sharply, then it partially rebounded. BNB's price is also still about 48% below its all-time high of Rp24,834,770 on October 13, 2025.

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What Is Known About the Alleged Binance Hack

A large amount of crypto assets left wallets associated with Binance on the Ethereum, Bitcoin, and Tron networks. Loss figures still vary:

• Glassnode, cited by Investing.com, estimated that about USD 5.3 billion was drained.
• Arkham data shows the hacker-related wallet holds about USD 5.875 billion across 65 tokens, according to KuCoin.
• Analysts' initial estimates were lower, ranging from USD 2.5 billion to more than USD 3 billion, according to Bitcoin.com.

Stablecoin issuers moved quickly. Tether froze more than 1.567 billion USDT and Circle about USD 823 million USDC, according to CoinDesk. Binance said the total related funds frozen were around USD 2.54 billion.

According to CoinDesk, Binance Wallet 14, which was the center of the attack, was listed in Binance's proof of reserves as of October 1. At that time, the wallet held 1.26 billion USDT and 89,475 ETH. The perpetrator is suspected of using the EIP-7702 delegation mechanism and an address funded through Tornado Cash, according to KuCoin.

Binance founder Changpeng Zhao said the incident looked like a hack, but user funds were safe. Co-founder Yi He also emphasized that Binance would cover the losses, according to Bitcoin.com. 

According to Investing.com, Binance temporarily suspended withdrawals for a security review. The cited source did not include news of the service reopening. Full details of the alleged Binance hack are also discussed on the Bittime blog.

Why BNB and the Market Also Plunged

The BNB token itself was not stolen, according to CryptoTicker. However, BNB is closely tied to Binance's operations, so market trust in the exchange directly affects its price.

Pressure spread to other assets. On October 29, Bitcoin briefly fell to near USD 78,000 and Ether below USD 2,250, with USD 659 million in liquidations. Solana also fell below USD 100. Leveraged long positions were the main casualties because prices fell faster than traders could add margin.

Situations like this make crypto panic selling easy to spread. Assets not directly related to the incident were also sold because their trading pairs depend on Bitcoin and Ether. Therefore, traders monitoring BNB USDT need to pay close attention to high volatility.

Read Also:

• Alleged Binance Hack: US$5.7 Billion in Crypto Assets Moved Becomes Spotlight
• FOMC Meeting: The Fed Holds Interest Rates, What Is the Impact on Crypto?
• Bittime Highlights Platform Legality and Consumer Protection

Things Investors Need to Watch

Several things will determine the direction of sentiment in the coming days:

• Official certainty. The total loss and cause of the incident are still under investigation.
• Withdrawal status. Binance's official announcement regarding withdrawal services needs to be monitored.
• Perpetrator fund flows. Some assets are still moving, so additional freezes may occur.
• Price levels. The Rp12.37 million and USD 678.13 areas are references for the latest low.

This information is not investment advice. Trading decisions still need to be adjusted to each person's risk profile.

Conclusion

BNB weakened because trust in Binance was shaken, not because the BNB token was stolen. This alleged hack dragged the crypto market down through liquidations and panic selling. 

Binance's statement that user funds are safe and losses will be covered briefly eased concerns. However, the final loss figure and the status of withdrawal services will determine whether selling pressure subsides.

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FAQ

What is BNB's price today in US dollars?
At the time of writing, CoinMarketCap recorded BNB at USD 711.14, down 4.76% in 24 hours. The figure changes quickly during high volatility.

Are Binance user funds safe?
Binance's official statement says user funds are safe and all losses will be covered. Independent verification of that claim is not yet available, and details of the incident are still under investigation.

Have withdrawals on Binance reopened?
Binance temporarily suspended withdrawals for a security review. The cited source did not include reopening, so official announcements on Binance channels need to be checked directly.

Is BNB's decline the same as the FTX case?
 CryptoTicker assesses that the market reaction is similar to the collapse of FTX in 2022. The difference is that Binance holds far larger customer assets and has a history of covering losses.