PeckShield traces $3.89 million from Ledger wallet drain to Binance deposits

Blockchain security firm PeckShield says roughly $3.89 million drained from compromised Ledger hardware wallets has been routed into Binance deposit addresses on the Tron network. Following the money to Binance PeckShield flagged the transfers on October 11, 2026. The movements happened over a two-day window. The haul included approximately 3.685 million USDT and 615,000 TRX. Both moved on Tron before landing in deposit addresses linked to Binance. There is a catch. Some of the stolen funds reportedly passed through intermediary wallets that also handle money belonging to other clients. This also isn’t the first Binance-bound flow tied to the incident. Earlier on October 11, approximately $10 million in USDT had already been sent to Binance deposit addresses, according to the research findings. A much bigger theft behind the headline number The $3.89 million is a slice of a far larger draining campaign. Total losses are estimated between $86 million and $94.5 million. More than 300 wallets were hit across several blockchains, including Bitcoin and Ethereum. Most of the damage, though, came in USDT on Tron. The drains started on October 9, 2026, and moved quickly. The common thread ...