Arkham Links $5.88 Billion in Crypto Assets to Binance Hacker Addresses as Exchange

Arkham links 66 Binance hacker-associated addresses to $5.88 billion in crypto holdings, while Binance confirms $2.54 billion in assets frozen.

Blockchain intelligence data from Arkham identifies 66 on-chain addresses associated with an entity labeled "binance-hacker-1029" that collectively hold approximately $5.88 billion in cryptocurrency assets. Binance has separately confirmed that $2.54 billion in assets linked to the hack has been frozen, with the amount potentially increasing as recovery efforts continue, according to Wu Blockchain.

The figures highlight the scale of the crypto holdings connected to the addresses under investigation. However, the $5.88 billion represents the assets held by those addresses, not a confirmed estimate of the amount stolen in the attack. The distinction is important when assessing the financial scale of the incident.

Arkham Data Shows Billions in Crypto Holdings

According to Wu Blockchain, Arkham data cited in the report, the entity labeled "binance-hacker-1029" is associated with 66 on-chain addresses holding approximately $5.88 billion in assets. The reported holdings include several major cryptocurrencies and stablecoins, with USDT, Bitcoin, Ethereum and USDC accounting for substantial portions of the total.

The listed assets include 1.768 billion USDT, 18,270 BTC valued at approximately $1.44 billion, 466,622 ETH worth around $1.06 billion, and 824.56 million USDC. The figures provide a breakdown of some of the assets held across the identified addresses, alongside other holdings included in Arkham's reported total.

USDT and USDC are stablecoins, while BTC and ETH are the native cryptocurrencies of the Bitcoin and Ethereum networks, respectively. The reported dollar values for Bitcoin and Ethereum indicate the estimated value of those holdings in the data cited by Wu Blockchain.

Binance Confirms $2.54 Billion in Assets Frozen

Binance has confirmed that $2.54 billion in assets linked to the hack had been frozen. The exchange's reported figure concerns assets frozen in connection with the incident, while Arkham's $5.88 billion figure describes the holdings of the addresses associated with the labeled entity.

The two figures therefore measure different things and should not be treated as equivalent. The value attributed to the addresses does not establish that all the assets were stolen, and the reported frozen amount does not represent the total holdings identified by Arkham.

Wu Blockchain reported that the amount of frozen assets could increase as recovery efforts continue. No final recovery total was provided in the information cited, so the $2.54 billion figure reflects the amount Binance had confirmed frozen at the time of the report.

The available information does not establish that the entire $5.88 billion in holdings originated from the hack. It also does not provide a confirmed total for the amount stolen. The distinction between associated wallet holdings, assets linked to the incident and funds markets confirmed frozen remains central to interpreting the figures.

For now, Arkham's data identifies approximately $5.88 billion across 66 addresses associated with "binance-hacker-1029," while Binance has confirmed that $2.54 billion in assets linked to the hack has been frozen, with further increases possible as recovery efforts proceed.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.