Binance $6.3B Hack: Are Your Funds Safe? What We Know

Binance, the world's largest crypto exchange, was hit by a hack worth about $6.3 billion on October 29, the biggest crypto theft ever recorded. The exchange paused withdrawals, promised that users will not lose money, and on November 1 started reopening withdrawals. Here is what happened and what it means if you have funds on Binance.

What happened

The attack started on the afternoon of October 29 (US Eastern time), which was late evening in Nigeria. Within minutes, attackers drained Binance's hot wallets across several blockchains. Hot wallets are the online wallets an exchange uses to process everyday withdrawals.

The stolen funds were spread across many networks. The largest amounts reported were:

• Ethereum: about $3.8 billion
• Bitcoin: about $1.5 billion (around 18,270 BTC)
• TRON: about $628 million
• XRP: about $296 million
• Solana: about $96 million

That is more than four times the $1.5 billion stolen from Bybit in 2025, which was the previous record.

About $3 billion has been frozen

Stablecoin issuers Tether (USDT) and Circle (USDC) froze wallets linked to the attack within about an hour. Together with Binance's blockchain partners, roughly $3 billion of the stolen funds has reportedly been frozen. The rest is still being tracked.

Who is behind it?

Blockchain analytics firm TRM Labs has linked the attack to North Korean hackers, the same groups blamed for many large crypto heists. The FBI has published wallet addresses tied to the hack and asked the public for information. Binance says it is working closely with law enforcement. The attribution has not been officially confirmed by Binance.

Binance CEO Richard Teng said the attackers abused a recent Ethereum wallet feature to get into the exchange's hot wallet. Binance earlier said a compromised employee laptop was involved, and has said its investigation is ongoing.

Are Binance users' funds safe?

Binance says yes. The exchange said it will cover all losses itself and that user funds are safe. It said it set aside about $6 billion, using its SAFU emergency fund, its futures insurance fund, its Bitcoin reserves and company money. By October 31, Binance said it had already replaced about 90% of the stolen assets. The remaining 10% are less liquid tokens.

Are Binance withdrawals working again?

Binance halted trading and paused withdrawals right after the attack. On November 1, it began reopening withdrawals in stages, starting with Ethereum, USDT, USDC and some tokens on its own blockchain. Other coins are being reopened step by step. Binance also said it plans to publish a proof-of-reserves update to show it holds enough assets to cover customer balances.

What it did to Bitcoin's price

Bitcoin dropped about 5% to below $80,000 after the news. On Monday, November 2, it was trading around $78,100, according to CoinGecko data. Outflows from US spot Bitcoin ETFs and large futures liquidations added to the pressure.

What you should do now

• Only trust Binance's official app, website and verified social accounts for updates. Scammers always follow big hacks with fake "refund" or "verify your account" messages.
• Never share your password, 2FA codes or seed phrase with anyone who contacts you about the hack, including people claiming to be Binance support on WhatsApp or Telegram.
• Turn on 2FA and Binance's withdrawal address whitelist if you haven't already.
• Check your balance and transaction history in the app to confirm everything is in order.

This is not financial advice. Whether you keep funds on an exchange or move them to your own wallet is your decision.

FAQs

How much was stolen from Binance?

About $6.3 billion in crypto, making it the largest crypto hack on record.

Will Binance users lose money?

Binance says no. It has promised to cover all losses and says it has already replaced about 90% of the stolen assets.

Can I withdraw from Binance now?

Withdrawals started reopening on November 1, beginning with ETH, USDT and USDC. Other coins are being reopened in stages.

Who hacked Binance?

Analysts have linked the attack to North Korean hacking groups, but this has not been officially confirmed.

Do you use Binance? Tell us in the comments whether your withdrawals are working. Stay safe from scams: read our guide to two-factor authentication and join our Telegram channel for updates.