Binance Confirms $6.3 Billion Hot Wallet Incident, Says Users Will Be Fully Covered
Binance has confirmed a serious security incident involving unauthorized withdrawals from its hot wallet. According to its official Security Incident Update #2, the attack took place at approximately 04:05 (UTC+8) on October 30, 2026, resulting in the loss of token assets worth approximately $6.3 billion.
Binance says it will bear the losses, not its users, and will fully cover them through the Secure Asset Fund for Users (SAFU) and the company's own funds. It has set aside more than $6.34 billion, with more than $5 billion in corresponding token assets already in place โ about 80% of the stolen amount โ including USDC, USDT, BTC, ETH, and BNB. The remaining tokens are being purchased through market and over-the-counter channels.
Binance also says approximately $3 billion in assets have been frozen on-chain so far, as it works with law enforcement, blockchain intelligence firms, asset issuers, and industry partners to track and recover the funds.
Withdrawals have been temporarily suspended for additional security reviews, while deposits and other unaffected services continue to operate normally. Binance says withdrawals will resume in phases, token by token, aiming for the previously announced timeframe of approximately 34 hours, subject to the completion of security checks.
On transparency, Binance plans to take its first Proof of Reserves snapshot within 12 hours and publish the results by Monday, November 2, 2026. Its investigation is ongoing, and it says it has found no evidence at this stage that wallet private keys were compromised.
Source: Binance official announcement โ https://www.binance.com/en/square/post/382966610455230
What should come first after an incident like this โ restoring withdrawals as soon as possible, or publishing the full technical report first? Share your thoughts below! ๐
Binance has confirmed a serious security incident involving unauthorized withdrawals from its hot wallet. According to its official Security Incident Update #2, the attack took place at approximately 04:05 (UTC+8) on October 30, 2026, resulting in the loss of token assets worth approximately $6.3 billion.
Binance says it will bear the losses, not its users, and will fully cover them through the Secure Asset Fund for Users (SAFU) and the company's own funds. It has set aside more than $6.34 billion, with more than $5 billion in corresponding token assets already in place โ about 80% of the stolen amount โ including USDC, USDT, BTC, ETH, and BNB. The remaining tokens are being purchased through market and over-the-counter channels.
Binance also says approximately $3 billion in assets have been frozen on-chain so far, as it works with law enforcement, blockchain intelligence firms, asset issuers, and industry partners to track and recover the funds.
Withdrawals have been temporarily suspended for additional security reviews, while deposits and other unaffected services continue to operate normally. Binance says withdrawals will resume in phases, token by token, aiming for the previously announced timeframe of approximately 34 hours, subject to the completion of security checks.
On transparency, Binance plans to take its first Proof of Reserves snapshot within 12 hours and publish the results by Monday, November 2, 2026. Its investigation is ongoing, and it says it has found no evidence at this stage that wallet private keys were compromised.
Source: Binance official announcement โ https://www.binance.com/en/square/post/382966610455230
What should come first after an incident like this โ restoring withdrawals as soon as possible, or publishing the full technical report first? Share your thoughts below! ๐
