Binance investigates suspicious transfers from linked wallets

Binance said October 29 that it was investigating a potential security incident after large transfers from wallets linked to the cryptocurrency exchange raised concerns about a possible hack. The exchange said customer funds were safe, but the investigation had not established whether the transfers were authorized or caused losses. Blockchain records showed substantial amounts of cryptocurrency moving from Binance-linked wallets to newly created or previously unidentified addresses. Analysts reported transfers involving Ethereum, Bitcoin, stablecoins and other assets across several blockchain networks. The estimates varied according to which wallets, transactions and assets were counted; they describe movements or holdings, not confirmed theft or customer losses. Binance said its security teams were urgently reviewing the information and would provide updates through official channels after verifying it. The company did not publicly explain how the transfers were authorized or confirm that its systems had been compromised. Changpeng Zhao, Binance’s co-founder and former chief executive, said the activity looked like a hack. He said he no longer managed Binance and expected...