Attackers drained approximately $6.3 billion from Binance’s hot wallets on October 29, 2026, in what is described as the largest recorded crypto heist. The funds moved across several blockchains, while stablecoin issuers reportedly froze around $3 billion of affected assets and Binance covered $6 billion of losses from its own reserves. Lorenzo Valente proposes allowing coordinated rollbacks on Bitcoin, Ethereum, and Solana for two to three years in the event of a catastrophe. Omid Malekan opposes the idea, arguing that such a mechanism would compromise the neutrality and integrity of permissionless blockchains. The hack has not prompted immediate governance changes on major networks, but it highlights the industry’s reliance on centralized actors to fully cover losses and freeze stolen funds.
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