Binance Hack: $6.3B Stolen in Biggest Crypto Heist
Binance says a security breach had an estimated $6.3 billion impact, the biggest crypto heist ever, with about $3 billion frozen and withdrawals paused.
Binance, the world's largest cryptocurrency exchange, has confirmed a security breach with an estimated $6.3 billion impact, making it the biggest crypto heist ever reported. The exchange has frozen about $3 billion of the affected funds with the help of partners, and it has paused withdrawals on multiple networks while it investigates. The breach, first reported on Thursday, October 29, 2026, sent crypto prices lower and raised fresh questions about how safe customer funds are on even the largest exchanges.
What happened
Users first reported funds draining from Binance's hot wallets on Thursday. Hot wallets are internet-connected wallets that an exchange uses for day-to-day transfers, unlike cold wallets kept offline. Binance confirmed to TechCrunch that it was dealing with a security incident and said it was actively investigating. Spokesperson Ross O'Leary said withdrawals were temporarily suspended on multiple networks as a precautionary measure. In its statement, Binance said user funds are completely safe and warned users to be careful of scams, adding that it would share updates only through its official channels. Founder Changpeng Zhao, who no longer runs the company but remains its largest shareholder, posted that the company had likely been hacked and said he expects user funds to be fully covered.
How big is the loss
Early estimates varied widely. Crypto watchers first put the drain at at least $2 billion, with some estimates reaching $5.7 billion, but those figures were unconfirmed at the time. Reuters later reported a clearer picture. Binance said the breach had an estimated $6.3 billion impact, and that at least $5.912 billion was confirmed stolen as of 8:30 p.m. Eastern Time, with funds moving across multiple blockchains, including Bitcoin, Ethereum, Tron, Ripple and several Layer 2 networks. About $3 billion has been frozen so far, Binance said, with no update yet on the remaining $3.3 billion. Co-founder Yi He said the company would cover "all hacking losses". The cause of the breach is still under investigation, and it is not yet known who is behind it.
Frozen funds and market fallout
Stablecoin issuers moved quickly to block part of the stolen money. Tether froze about $1.56 billion and Circle froze about $800 million as the funds passed through their networks, according to TechCrunch. The news hit crypto prices. Bitcoin fell to a six-week low and was last down 3% at $76,469.82, while ether was down more than 3% at $2,185.83, Reuters reported. The scale dwarfs the previous largest exchange theft. In February 2025, hackers stole digital tokens worth about $1.5 billion from the Bybit exchange, according to Reuters, in what was then the biggest crypto heist on record.
What happens next
For Binance users, the practical effect right now is the withdrawal pause. Coins held on the exchange cannot be moved off it on the affected networks until the pause lifts. For the wider crypto industry, the breach is a warning. Even the biggest exchange, with deep security resources, can lose billions in a single incident, and recovery depends on how fast partners can freeze funds before they move beyond reach. Binance says its investigation is ongoing and that it will share verified updates through official channels. Until withdrawals resume and the remaining $3.3 billion is accounted for, the full cost of the heist will stay unclear.
Sources
- Reuters - https://www.reuters.com/legal/government/where-binances-63-billion-breach-ranks-cryptos-biggest-hacks-heists-2026-10-30/ - TechCrunch - https://techcrunch.com/2026/10/29/binance-pauses-withdrawals-as-hackers-suspected-of-stealing-billions-in-crypto/ - Reuters - https://www.reuters.com/legal/government/view-analysts-react-binance-freezes-assets-after-63-billion-security-breach-2026-10-30/