The initial Binance 14 transaction, at 4:24 p.m. ET, moved 167,464.25 ETH and about 1.615 billion USDT to the collection address. Etherscan lists 63 ERC-20 token transfers in that transaction.

Just 24 seconds later, Binance 16 sent 28,005.6 ETH to the same recipient. Its token-transfer records also show about 55.74 million USDT and 25.94 million RLUSD moving there, alongside other tokens.

Hot Wallet 34 then sent 780 million USDC at 4:41 p.m. ET and another 43 million at 4:59 p.m. ET. Both transfers went to that collection address through calls to Binance 14.

Security firm Blockaid said the movements looked consistent with unauthorized transfers, but said it could not yet rule out an internal treasury or operational sweep.

Stablecoin issuers also intervened. A successful Tether transaction at 5:01 p.m. ET added the collection address to USDT's blacklist. A USDC transaction at 5:04 p.m. ET likewise blacklisted the same address.