- Binance is suspected to have been hit by one of the largest crypto hacks on 30 October 2026, worth $6.3 billion.
- According to the company, more than $1.8 billion of the stolen funds were frozen by Tether and Circle.
- Company executives say deposits are operational and the exchange will resume withdrawals in 48 hours, possibly on 1st Nov.
Binance Exploited by Hackers
Binance, the largest crypto exchange in the world, has been exploited by unknown hackers, who are suspected of draining over $6.3 billion.
However, some of the hacked funds were intercepted by stablecoin issuers, Tether and Circle. Tether froze nearly $1.57 to $1.77 billion, and Circle froze around $800 million.
The initial reports indicate that a compromised laptop belonging to one of the developers might have been instrumental for hackers. Binance confirms there have been no key-related breaches in the hack. However, later statements by the company said that the hack was made possible by events that were beyond the capabilities of a single compromised computer, signalling that multiple devices or digital endpoints might be compromised.
Deposits Operational
Binance executives claimed that the exchange deposits functioned as usual and there were no glitches or security risks associated.
Withdrawals Paused for 48 Hours
Starting on 30th October, the exchange has temporarily paused withdrawals for two days, i.e., 31st Oct and 1st Nov.
Binance Likely to Cover 100% of Stolen User Funds via SAFU
Commenting on the issue, former Binance CEO and current board Chairman Changpeng Zhao said that the funds lost in the hack are likely to be covered from Binance’s own SAFU (Secure Assets Fund for Users), a fund established in 2018 when Zhao was the CEO.
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