Developing story · Published 2026-10-30 · Updated 2026-10-30
Binance suspected hack: what we know so far
On 29 October 2026, billions of dollars in crypto left Binance hot wallets. Binance says it is investigating a potential security issue, has paused withdrawals on several networks and says user funds are safe. The size and cause of the loss are not confirmed.
What happened
On Thursday 29 October 2026, on-chain analysts flagged unusually large transfers out of Binance hot wallets on Ethereum, Arbitrum and Avalanche. Blockchain security firm Blockaid counted about $3.3 billion in suspicious outflows, and analyst Spreek tracked about $3.55 billion arriving in a single unlabeled wallet, from which nearly $900 million was then moved on (both reported by The Block).
Binance co-founder Yi He said the exchange is "aware of reports of a potential security issue" and is "actively investigating". Binance told TechCrunch that user funds are "completely safe" and that it "temporarily suspended withdrawals on multiple networks" as a precaution.
How much was taken?
Nobody knows yet. Estimates published on 29 October range from "at least $2 billion" (crypto watchers quoted by TechCrunch) to $5.7 billion (CoinDesk, via TechCrunch) and $5.8 billion (Coinbase senior director Conor Grogan, via The Block). Some of these figures count the same funds twice, and some may include Binance moving its own money to safety.
If a loss in the billions is confirmed, it would be larger than the 2025 Bybit hack, which TechCrunch puts at about $1.4 billion.
Where the money went, and what was frozen
Stablecoin issuers moved fast. Tether CEO Paolo Ardoino said Tether froze more than 1.567 billion USDT related to a potential Binance hack. Circle CEO Jeremy Allaire said Circle froze more than 800 million USDC, in coordination with law enforcement. Frozen stablecoins cannot be moved by the attacker.
Lending protocol Aave froze its DAO-operated markets (V3 and V4) to stop the attacker borrowing against stolen assets, and says its own contracts are not affected. Binance.US says it is not affected.
Are user funds safe?
Binance says they are. Former CEO and largest shareholder Changpeng Zhao (CZ) said it "does look like a hack" and that he expects all user funds to be fully covered, without explaining how. The Block reports that Binance will cover hacking-related losses and will publish a post-mortem after its investigation. None of this has been independently verified yet.
Market reaction: BNB was down more than 5.5% when The Block published its report.
What Binance users should do now
Scammers use incidents like this. Binance itself warned users not to trust unofficial links, messages or requests for account information. Follow only binance.com, the official app and Binance's verified social accounts.
Nobody can speed up, unlock or "recover" a paused withdrawal for a fee: anyone offering that is a scammer. Never share your password, 2FA code or seed phrase, and keep screenshots of your balances and open orders.
What is still unknown
Binance has not confirmed that a hack happened, how much was lost, how the attacker got in or who they are. Reports also differ on how much stablecoin has been frozen in total. We will update this page when Binance publishes its findings.
Questions
Was Binance hacked?
Binance says it is investigating a potential security issue after large outflows from its hot wallets on 29 October 2026. Its former CEO said it "does look like a hack". Binance has not confirmed a breach yet.
How much was stolen from Binance?
Not confirmed. Published estimates range from at least $2 billion to $5.8 billion. Blockaid counted about $3.3 billion in suspicious outflows.
Can I withdraw from Binance?
Binance temporarily suspended withdrawals on several networks as a precaution. Check the official Binance app or website for the current status.
Are my funds on Binance safe?
Binance says user funds are completely safe, and CZ says he expects all user funds to be fully covered. These are company statements and have not been independently verified.
Sources
- The Block: Binance investigating hack as suspicious outflows reach up to $5.8 billion
- TechCrunch: Binance pauses withdrawals as hackers suspected of stealing billions in crypto
- NBC News: Fears of Binance hack prompt Tether, Circle to freeze over $1.5 billion in funds
News summary for information only, not financial advice.