Binance Security Incident on October 29: 5 Key Facts from the Preliminary Report
On October 29, Binance faced a serious cyberattack. We understand users’ concerns and want to share the key facts about what happened, the steps already taken, and what comes next.
1. User funds are protected. Binance is covering all financial losses from the attack. The company has already allocated more than 100% of the amount needed to cover them. Users will not incur losses related to this incident.
2. 98% of affected assets have already been recovered. As of October 31, Binance had replenished 98% of the assets affected by the attack. You can verify this yourself on the Proof of Reserves page.
3. Approximately $2.85 billion was frozen or intercepted. Of the $6.34 billion in assets affected by the attack, approximately $2.85 billion was frozen or intercepted thanks to Binance’s prompt action and cooperation with partners.
4. Identified vulnerabilities have been fixed and security strengthened. Binance closed the points of entry that were discovered, restored or replaced affected systems, and implemented additional safeguards for wallets, device controls, and suspicious activity detection.
5. We remain as open and transparent as possible. Binance has published a preliminary report with a detailed timeline of the attack, the causes identified, and the steps taken. The investigation is ongoing with the involvement of independent experts. We will share new, verified information as it becomes available.
We understand that trust cannot be restored with a single statement. That is why we believe it is important not just to talk about the steps taken, but to back them up with concrete actions, open data, and results.
The security of user funds remains our top priority.
→ Read more
On October 29, Binance faced a serious cyberattack. We understand users’ concerns and want to share the key facts about what happened, the steps already taken, and what comes next.
1. User funds are protected. Binance is covering all financial losses from the attack. The company has already allocated more than 100% of the amount needed to cover them. Users will not incur losses related to this incident.
2. 98% of affected assets have already been recovered. As of October 31, Binance had replenished 98% of the assets affected by the attack. You can verify this yourself on the Proof of Reserves page.
3. Approximately $2.85 billion was frozen or intercepted. Of the $6.34 billion in assets affected by the attack, approximately $2.85 billion was frozen or intercepted thanks to Binance’s prompt action and cooperation with partners.
4. Identified vulnerabilities have been fixed and security strengthened. Binance closed the points of entry that were discovered, restored or replaced affected systems, and implemented additional safeguards for wallets, device controls, and suspicious activity detection.
5. We remain as open and transparent as possible. Binance has published a preliminary report with a detailed timeline of the attack, the causes identified, and the steps taken. The investigation is ongoing with the involvement of independent experts. We will share new, verified information as it becomes available.
We understand that trust cannot be restored with a single statement. That is why we believe it is important not just to talk about the steps taken, but to back them up with concrete actions, open data, and results.
The security of user funds remains our top priority.
→ Read more
