This is a developing story. The figures below are as reported on 30 October 2026 and may change. Binance says about $6.3 billion in assets was affected by a security incident that began on 29 October, which would make it the largest crypto hack on record. Binance says user funds are safe and that it will cover the losses. We list below what Binance has said, what other sources have reported, and what nobody has confirmed yet. We update this page as more is verified.
What Binance has said
- The size. Binance puts the total impact at about $6.3 billion. This is an estimate, and it is not the same as money that is gone for good.
- The cause so far. A first finding was that a compromised laptop belonging to a Binance engineer let an attacker reach a service and submit unauthorised withdrawals. Binance later said it had found "additional points of breach" and described it as a "complex attack". It says it has found no evidence that any wallet private key leaked.
- Frozen funds. Binance says about $3 billion of assets that passed through wallets linked to the attackers has been identified and frozen on-chain. Frozen is not the same as returned.
- Withdrawals. Binance suspended withdrawals on multiple networks as a precaution from about 22:15 UTC on 29 October. It said deposits were unaffected and that it expected to restart withdrawals in roughly 45 to 48 hours.
- Your money. Binance says user funds are safe and that it will cover the losses from its own funds, including its SAFU fund (its emergency fund for users). It has not published a detailed repayment process.
What others have reported, and who is behind it
- Attribution. The blockchain analysis firm TRM Labs attributes the attack with high confidence to TraderTraitor, a North Korean state-linked hacking group, and Chainalysis has reportedly pointed the same way. Binance has not officially named anyone, and it said the attack was not the work of one person. Treat this as a strong lead from analysts, not a confirmed finding.
- Stablecoin freezes. Circle and Tether reportedly froze large amounts of stablecoins linked to the incident.
- The amount. Early estimates on social media ranged from $2 billion to $8 billion. The analytics firm Elliptic counts about $6.43 billion. The previous record was the roughly $1.4 to $1.5 billion Bybit theft in February 2025.
- Markets. Bitcoin fell below $77,000 and other coins, including BNB, dropped as the news broke. We do not make price predictions.
What is still unknown
- The full list of breach points, and how the attackers got in beyond the first finding.
- The exact amount that is permanently lost once freezes and recoveries are counted.
- How and when users and the market will be made whole, and whether Binance's funds fully cover the loss.
- Whether any user accounts were affected directly.
- Whether the attackers can move or launder what is not frozen.
Is my crypto on Binance safe?
Binance says yes, and says it will cover losses. That is a promise from the company, not a guarantee, and a promise of cover is only as good as the funds behind it. The honest position is that nobody outside Binance can verify the full picture yet. A hack of this size does not mean every exchange is unsafe, but it is a reminder that coins you keep on an exchange are an exchange's responsibility, not yours alone.
What to do now
This is general education, not financial advice, and it names no coins to buy or sell.
- Do not panic-click. Hacks create rushed decisions and scammers rely on them.
- Use official channels only. Type the exchange's address yourself or use its verified app. Do not use links from emails, messages or replies.
- Check your account security. Use an authenticator app or a hardware key rather than text messages, and turn on any anti-phishing code your exchange offers.
- Review what you keep on any exchange. Decide how much you are comfortable leaving in someone else's custody. Our wallet safety guide explains a simple split between spending and long-term wallets.
- Never share a seed phrase or recovery phrase. No genuine exchange, support agent or "recovery team" will ask for it.
The scams that follow big hacks
After every major hack, fraudsters send fake refund and compensation messages, fake "verify your account" emails, fake support accounts that message you first, and offers from "recovery experts" who promise to get stolen funds back for a fee. If a message about this incident asks you to click, connect a wallet, share a phrase or pay a fee, assume it is not real. Our guide to crypto recovery scams explains why the "we can get your money back" offer is usually the second scam, and the wallet safety guide covers drainers and fake airdrops. See also what to do if you've been rugged.
What this means for memecoin traders
A hack of an exchange is a different risk from a rug pull, but the lesson is the same: you can reduce the damage by limiting what any single point of failure can cost you. Size positions so a total loss is survivable, keep long-term holdings away from hot wallets, and read warning signs before you buy. Our free coin check grades any Solana token from public on-chain evidence, and 9 rules to avoid rug pulls is a good place to start.
Sources
Reporting from TechCrunch, CNBC, Al Jazeera, Fortune, Axios, Bloomberg and Cointelegraph. Figures are as reported on 30 October 2026 and are attributed to the named source where possible. Before It Rugs is not affiliated with Binance. Nothing here is financial advice.