The Binance hack, confirmed on October 29, 2026, is being described by blockchain analysts as the largest crypto theft on record. About $6.3 billion in digital assets left the exchange’s hot wallets in a matter of hours. Binance says it will cover all customer losses, but deposits and withdrawals remain suspended while the investigation continues.
What Happened in the Binance Hack?
The attack began around 20:05 UTC on Thursday, October 29. Attackers drained hot wallets across roughly ten blockchains, including Bitcoin, Ethereum and Tron. Most transfers were completed within about 20 minutes, although on-chain activity continued for several hours.
Binance’s early findings point to a compromised engineer’s laptop. From there, the attacker reached a service able to submit withdrawals. Binance says there is currently no evidence that any private key was leaked. Security firm Blockaid reports that the attacker abused Ethereum’s EIP-7702 authorization feature to take control of a major Binance hot wallet. Binance has not yet published its full technical report.
How Much Was Stolen in the Binance Hack?
- Estimated total impact: about $6.3 billion
- Frozen so far: about $3 billion, mostly stablecoins frozen by issuers such as Tether and Circle
- Remaining funds: still being traced by investigators
For context, this is roughly four times the $1.5 billion Bybit hack of February 2025.
Who Is Behind the Binance Hack?
TRM Labs and Chainalysis have attributed the attack with high confidence to TraderTraitor, a North Korea-linked group associated with Lazarus. The speed and method resemble earlier large heists by the same actors. Attribution is by private analytics firms, not a final legal finding.
Binance’s Response: Will Users Get Their Money Back?
Co-CEOs Richard Teng and Yi He have said Binance will cover all losses using its Secure Asset Fund for Users (SAFU) and company funds. Binance is working with law enforcement and blockchain analytics firms. The incident did not affect Binance.US.
Binance Hack Status: Deposits and Withdrawals
As of October 30, 2026, Binance has temporarily suspended both deposits and withdrawals while security checks continue. It has said services will resume once the environment is confirmed secure. No date has been given.
Binance Hack Impact on Bitcoin and BNB Price
Markets reacted quickly. Bitcoin fell below $77,000, its lowest level since September, and BNB dropped about 8%. Further volatility is possible until withdrawals reopen.
What Binance Hack Means for Crypto Users
The Binance hack shows that even the largest exchanges carry hot wallet and internal security risks. Users can reduce their exposure by:
- Enabling two-factor authentication on every exchange account
- Keeping large long-term holdings in a hardware wallet
- Following only official Binance channels, and watching for phishing emails that exploit the news
