Binance Hack: Billions Drained, Withdrawals Paused

Binance, the world’s largest crypto exchange by trading volume, was hit on Thursday, October 29, 2026 by a hack that analysts estimate drained between $5.3 billion and $5.9 billion, and the exchange has suspended deposits and withdrawals while it investigates.

If the estimates hold, it is the largest crypto theft on record. The previous record was the roughly $1.5 billion taken from Bybit in February 2025, which was attributed to North Korea-linked hackers, according to AFP.

What we know so far

• Date: Thursday, October 29, 2026. Binance confirmed a security incident to TechCrunch that afternoon (US time).
• Amount: Chainalysis estimated about $5.912 billion at the time of theft, AFP reported. Glassnode put outflows near $5.3 billion, according to Bitcoin.com News. Binance has not confirmed a final figure.
• Frozen: Binance said about $3 billion is frozen, including $2.3 billion in USDT and USDC, CoinDesk reported.
• Tether: CEO Paolo Ardoino said Tether froze more than 1.567 billion USDT.
• Circle: CEO Jeremy Allaire said Circle froze more than 800 million USDC.
• Withdrawals: deposits and withdrawals are temporarily suspended. No restart date has been given.
• Cover: co-founder Yi He wrote that “Binance will cover all hacking losses.”

How much was taken

The figures have moved all day, and some early tallies may include unrelated transfers. Coinbase senior director Conor Grogan put the total at up to $5.8 billion, The Block reported. Blockchain analytics firm Arkham showed the hacker’s wallets at one point holding more than $5.7 billion, including nearly $1.5 billion in bitcoin, $900 million in ether, about $1.5 billion in USDT and over $800 million in USDC, according to CoinDesk.

CoinDesk also reported that Binance’s own first estimate of the total impact was about $6.3 billion. Against the roughly $144 billion Binance held before the hack, according to DefiLlama data cited by CoinDesk, the theft is about 4% of its assets.

How the attack happened

Binance’s initial investigation points to a compromised laptop belonging to a DevOps engineer, which the attacker reportedly used to reach a service container and submit unauthorized withdrawals, CoinDesk reported. Binance said it found no evidence that wallet private keys were exposed.

Security firm Blockaid is investigating about $3.3 billion in suspicious outflows from Binance hot wallets on Ethereum, Arbitrum and Avalanche, according to The Block. Arkham data shows the stolen funds moving through Uniswap.

Who is behind it

No one has been officially named. Blockchain intelligence firm TRM Labs traced the attack to TraderTraitor, a North Korean group, with “high confidence,” CoinDesk reported. Blockaid CEO Ido Ben-Natan said the tactics are consistent with North Korean operations, and on-chain investigator ZachXBT pointed to the Lazarus Group as the likely attacker. These are analyst assessments, not confirmed findings.

What Binance and others said

Binance said it was “aware of reports of a potential security issue” and that user funds were safe. Spokesperson Ross O’Leary said withdrawals were suspended on multiple networks “as a precautionary measure,” TechCrunch reported. Binance said it will cover losses with its SAFU emergency fund and company funds, and promised a full post-mortem once the investigation is complete.

Founder Changpeng Zhao, who no longer runs the exchange but remains its largest shareholder, said that “as a shareholder, I expect all user funds will be fully covered.”

Lending protocol Aave froze its DAO-operated markets as a precaution, while users can still withdraw and repay, according to The Block. Binance.US said it is a separate platform and was not affected.

Market reaction

Crypto prices fell as the news spread. At the time of CoinDesk’s report, bitcoin was down 4.8% and below $77,000, ether was down 5.7% and BNB, Binance’s own token, was down 8%. AAVE fell 11%.

What happens next

Binance has not said when withdrawals will restart. The frozen total may rise as the exchange works with law enforcement and stablecoin issuers, AFP reported, and the final loss figure will come with Binance’s post-mortem. We will update this story as confirmed details arrive.

If you hold funds on Binance, use only its official app, site and X accounts for updates. Binance warned users to ignore unofficial links and requests for account details. For background on the exchange, read our Binance review, and for keeping coins off exchanges, see our guide to crypto wallets.

Sources: CoinDesk, The Block, TechCrunch, AFP via Yahoo Finance and Bitcoin.com News. Figures as of 03:30 UTC, October 30, 2026.

Frequently asked questions

Was Binance hacked?

Yes. Binance told TechCrunch on October 29, 2026 that it was handling a security incident, and co-founder Yi He said the exchange will cover all hacking losses. Binance has not yet published a confirmed loss total.

How much was stolen in the Binance hack?

Estimates range from about $5.3 billion (Glassnode, via Bitcoin.com News) to about $5.9 billion (Chainalysis). CoinDesk reported that Binance's own first estimate of total impact was about $6.3 billion. None of these figures is final.

Are Binance user funds safe?

Binance says user funds are safe and that it will cover losses using its SAFU fund and company funds. Deposits and withdrawals are paused while the investigation continues, so users cannot move funds for now.

Is Binance.US affected by the hack?

No. Binance.US told The Block it is a separate, independent platform and that customer funds and services are secure and operating normally.