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Binance hacked for $6.3 billion

Last update: 30 October 2026, 09:00 CET. We update this blog as soon as there is news.

What happened at Binance?

On the evening of Thursday 29 October 2026, Binance was hacked. Binance estimates the damage at around $6.3 billion. That makes it the biggest crypto hack ever. The previous record was the Bybit hack in 2025, of around $1.4 billion.

At around 21:20 CET, the first coins disappeared from Binance's wallets. At around 23:15, Binance paused withdrawals. Founder Changpeng Zhao reported on X that Binance had most likely been hacked.

How did the hackers get in?

According to Binance's initial investigation, it all started with one laptop. It belonged to a DevOps engineer: someone who manages the technical systems. Through that laptop, the attacker got into an internal service that could request withdrawals. That is how the hackers were able to send coins away.

Binance says there is no evidence that private keys were leaked. A private key is like the PIN code of a safe. So the hackers did not have the PIN code. They misused a system that was allowed to open the safe.

Security company Blockaid believes the attacker misused an Ethereum feature, EIP-7702. Binance has not confirmed this yet. The investigation is still ongoing.

What was stolen?

The hackers took coins from Binance's hot wallets. A hot wallet is a wallet that is always online, so withdrawals are fast. The stolen coins included bitcoin, ether, BNB and the stablecoins USDT and USDC.

Has any money been recovered?

Yes, part of it has been frozen. Binance reports that around $3 billion has been blocked. Tether froze more than $1.5 billion in USDT. Circle froze around $800 million in USDC. Frozen means the hackers can no longer access it. Whether the money will actually be returned is not yet certain.

Why can stablecoins be frozen, but bitcoin can't?

Behind USDT and USDC there is a company: Tether and Circle. These companies have built a block button into their stablecoins. With it, they can freeze an address. They did so within a few hours of the hack.

Bitcoin has no such button. No bank, company or government can stop a bitcoin transaction. That protects you as a user, but in this case it also protects the hacker. According to on-chain trackers, the hacker still holds more than 18,000 bitcoin, worth around $1.45 billion. Nobody can freeze those.

It shows how the two work. Stablecoins are digital dollars with a central manager. Bitcoin belongs to no one, and that is why no one can stop it.

Who is behind it?

That has not been officially confirmed yet. Research firms such as TRM Labs and Blockaid point to North Korean hackers, such as the Lazarus Group. According to the FBI, that group was also behind the Bybit hack. Binance itself has not named anyone yet.

Will Binance customers get their money back?

Binance promises they will. Co-CEO Yi He says Binance will cover all losses. That money comes from the SAFU fund (an emergency fund for customers) and from Binance's own resources. Before the hack, Binance held around $144 billion in assets. The damage is roughly 4% of that.

Can you withdraw money from Binance right now?

Not yet. Withdrawals are paused. Yi He expects them to resume within 48 hours. There is no exact date. On deposits, Binance first said they were paused as well. Later, Yi He said they are working normally.

Do you use Binance yourself? Here is what you can do

Binance says it will cover all customer losses. So there is no need to panic. Good to know:

  • Withdrawals are temporarily unavailable. Binance expects to switch them back on within 48 hours.
  • Only follow updates through Binance's own app or website, or their official account on X.
  • Do you get a message about compensation you need to "claim"? That is almost certainly a scam.
  • Log in by typing the address yourself. Not through a link in an email or text message.

What did the price do?

The market was shaken. Shortly after the hack, bitcoin dropped almost 5% to below $77,000. Ether fell almost 6% and BNB 8%. By Friday morning, bitcoin was back at around $78,000.

Does this affect BTC Direct?

No. BTC Direct has not been affected by the hack at Binance. You can simply keep buying and selling crypto. We don't store any coins for you: they go straight to your own wallet.

How do you protect yourself?

After a big hack, scammers get to work. They send emails and messages that seem to come from Binance. Or from another exchange. Here is how to keep your coins safe:

  • Never share your seed phrase or private key. We will never ask for it, and nobody else should either.
  • Don't click on links in unexpected messages. Go to the website yourself through your browser.
  • Never sign a transaction or request in your wallet if you don't know exactly what it does. According to researchers, a signature like that also played a role in this hack.
  • Turn on two-factor authentication (2FA) for all your accounts.
  • Store your coins for the long term in your own wallet, such as a hardware wallet. A hardware wallet is like a safe at home: only you have the key.

In doubt about a message that seems to come from us? Then contact our customer support. Need help? Our experts are ready to help.

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