Stablecoin

DevOps

Richard

Billion

<p>Binance expects to begin restoring withdrawals within 48 hours, co-CEO Yi He (<a href="https://x.com/heyibinance" rel="noopener noreferrer nofollow">@heyibinance</a>) said, as the exchange works to recover from what is described as the largest crypto hack on record. The company says about $6.3 billion in assets was affected, and roughly $3 billion has been frozen on-chain.</p>
<p>In a service update posted on 30 October, <cite>Yi He said Binance expects to resume withdrawal services in the next 48 hours, and that deposits remain unaffected and continue to operate as normal</cite>. <cite>She said the team is working on enhancements to the withdrawal service and related address controls.</cite><cite>The timeline remains an expectation rather than a confirmed reopening</cite>, and <cite>is subject to the completion of security checks</cite>.</p>
<h2 id="binance-sets-aside-6-34-billion-to-cover-losses">Binance Sets Aside $6.34 Billion to Cover Losses</h2>
<p>CEO Richard Teng (<a href="https://x.com/_RichardTeng" rel="noopener noreferrer nofollow">@_RichardTeng</a>) said the exchange will absorb the losses. According to Decrypt, <cite>Binance has reserved more than $6.34 billion of company funds to cover the stolen assets, $5 billion of which is already held in the exact tokens taken, including USDC, USDT, BTC, ETH and BNB</cite>. <cite>Teng said the hack hit Binance's own hot wallet, not customer funds.</cite></p>
<p>On transparency, <cite>Binance plans to publish a full proof of reserves report by Monday, with an initial view before then</cite>. For <a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a> specifically, <cite>CoinDesk's review of Binance's 1 October proof of reserves found one of the emptied wallets was among those used to back customer assets, and the roughly 204,500 ETH taken would leave ETH backing near 94% until the gap is filled</cite>.</p>
<h2 id="what-is-known-about-the-attack">What Is Known About the Attack</h2>
<p>CNBC reported that <cite>Binance said a security incident impacted about $6.3 billion in client assets, with around $3 billion frozen on-chain, marking the largest crypto hack on record</cite>. Stablecoin issuers played a central role. <cite>Tether and Circle quickly froze over $1.5 billion in USDT and 800 million USDC, helping bring total frozen funds to about $3 billion</cite>.</p>
<p>On the cause, <cite>Binance initially said the hack may involve a compromised DevOps engineer's laptop, but Teng later said the attack involved a more complex process</cite>. <cite>Teng said the investigation has not attributed responsibility to any individual.</cite> Separately, Forbes reported that <cite>TRM Labs said about $6.36 billion left Binance wallets on 10 blockchains, most of it in roughly 20 minutes, and blamed North Korea's TraderTraitor group</cite>.</p>
<p>The next tests for the exchange are when withdrawals reopen, whether outflows stay calm, and whether the updated proof of reserves shows the missing assets replaced. <cite>Binance has said it will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified.</cite></p>
<h2 id="sources">Sources</h2>
<p><a href="https://decrypt.co/382237/binance-sets-aside-6-34b-to-cover-hack-losses-ceo-says-your-assets-are-safe" rel="noopener noreferrer nofollow">Decrypt: Binance Sets Aside $6.34B to Cover Hack Losses</a><br><a href="https://www.cnbc.com/2026/10/29/circle-tether-freeze-funds-impacted-by-potential-binance-security-issue.html" rel="noopener noreferrer nofollow">CNBC: $6.3 Billion Binance Hack Is Largest Crypto Theft on Record</a><br><a href="https://www.forbes.com/sites/digital-assets/2026/10/30/binances-63-billion-hack-started-with-one-engineers-laptop/" rel="noopener noreferrer nofollow">Forbes: Binance $6.3 Billion Crypto Hack, What Happened</a></p>

Binance Expects to Resume Withdrawals Within 48 Hours After $6.3 Billion Hack

Table of Contents

BSCN

Other articles published on Oct 31, 2026

Join our free newsletter for daily crypto updates!