The October 29, 2026, Binance hack has kept the cryptocurrency market on alert. The platform reported an estimated impact of $6.3 billion and announced that it would cover the losses with the SAFU fund and its own resources.
The investigation is ongoing. For now, it is important to distinguish between the value of the affected assets, the frozen funds, and the money that is ultimately recovered.
What happened to Binance
Binance detected a security incident involving unauthorized withdrawals. As part of its response, it imposed operational restrictions and began working with industry partners and authorities to trace the assets.
The company said that around $3 billion had been frozen. However, freezing funds means preventing them from being moved; it does not mean they have already been returned.
How the attack may have happened
Binance’s initial explanation pointed to a compromised laptop belonging to a DevOps engineer. According to that first hypothesis, the attacker may have used that access to reach an internal service and submit unauthorized withdrawal transactions.
Binance later reported other points of intrusion. This expanded the investigation beyond a single device.
The platform also said it had found no evidence that private keys had been leaked. The definitive cause and the full sequence of the attack are still pending a final technical report.
How much money was involved
Binance estimated the impact at around $6.3 billion. Blockchain analytics firm TRM Labs, meanwhile, calculated outflows of nearly $6.36 billion across ten networks.
Both figures describe the same incident, but come from sources using different valuation criteria. They should not be added together or automatically presented as a definitive loss.
The final balance will depend on the assets recovered, the amounts that remain frozen, and the outcome of the investigations.
What is known about those responsible
TRM Labs attributed the attack, with a high level of confidence, to TraderTraitor, a group linked to North Korea.
This attribution reflects the assessment of a blockchain intelligence firm. It should be distinguished from a court ruling or a definitive identification by authorities.
What is happening with deposits and withdrawals
The status of services changed during the response to the incident. The initial announcement said deposits and withdrawals had been suspended while security checks were carried out.
It was later reported that deposits were operational and that Binance was working to restore withdrawals. The announced timelines were estimates, so they should not be interpreted as confirmation that withdrawals had already resumed fully.
Before making a transaction, check the current notices in the app or on the official website. Availability may vary depending on the time and the network used.
Binance announced it would cover the losses
The company said it would use the SAFU fund and its own resources to cover losses related to the incident.
This announcement expresses Binance’s commitment. Its implementation and the outcome of the recovery process will need to be verified through subsequent updates.
It is also important to distinguish the announced coverage from the immediate availability of services. A platform may commit to covering losses while maintaining restrictions during its security reviews.
What you can do if you have an account
Log in through the app you normally use or type the official website address directly. Avoid accessing your account through links received in private messages, unexpected emails, or posts promising compensation.
Review your active sessions, authorized devices, and transaction history. If you find activity you do not recognize, save the transaction IDs and contact support through official channels.
Also check your multi-factor authentication settings and the permissions for any API keys you have enabled.
Do not share passwords, verification codes, or recovery phrases. Be wary of anyone asking for payment to release funds or arrange a supposed refund.
These measures help protect your account against unauthorized access and impersonation scams. Resolving a breach of the exchange’s internal systems depends on its controls and the investigation.
The incident does not demonstrate a failure of Bitcoin
The information reviewed describes movements from Binance wallets and possible problems with its authorization systems. It provides no evidence that Bitcoin’s cryptography was broken.
An attack on an exchange must be distinguished from a failure in the operation of a blockchain. These are different situations, even though both may affect market confidence.
What remains to be known
Questions remain about the definitive technical cause, the amount actually recovered, the net loss, and the full restoration of services.
Until verified conclusions are published, the figures should be treated as estimates and the technical explanations as preliminary findings.
Information reviewed on October 30, 2026. Developing story: figures and service status may change. #criptomonedas123 $BTC $SHIB