Key Takeaways
- Binance hack size: Binance estimates the total impact at about $6.3 billion, which would make it the largest crypto hack on record. The final amount stolen is not confirmed.
- Frozen funds: About $3 billion is frozen on-chain, Binance says, including more than $1.5 billion in USDT frozen by Tether and more than $800 million in USDC frozen by Circle.
- Users: Binance says user funds are safe and that it will cover all losses. Deposits and withdrawals are suspended, with no restart date.
- Cause: Binance's early findings point to a compromised engineer's laptop that let an attacker submit unauthorized withdrawals.
Binance, the world's largest crypto exchange by volume, was hacked on Thursday, October 29, 2026, and estimates the total impact at about $6.3 billion, with around $3 billion frozen so far, CoinDesk reported. Binance says it will cover all losses and that user funds are safe.
How Much Was Stolen: Competing Estimates From Binance and Analysts
No source WYDE read has confirmed a final total.
- Binance's security incident update estimated the total impact at about $6.3 billion.
- Chainalysis put the amount stolen at roughly $5.9 billion at the time of the theft, according to CoinDesk.
- Arkham Intelligence tracked wallets holding more than $5.7 billion at one point, according to CoinDesk.
- BeInCrypto reported that blockchain investigators traced up to $5.5 billion in suspicious transfers.
A Reuters factbox said the breach eclipses the previous record, the $1.4 billion to $1.5 billion Bybit hack of February 2025. By WYDE's arithmetic, Binance's estimate is about four times Bybit's loss (6.3 / 1.5 = 4.2).
Ido Ben-Natan, co-founder and CEO of the crypto security firm Blockaid, said, "This is the biggest crypto hack in history," in comments to CoinDesk.
Related WYDE coverage: Bitget Confirms a $387.5 Million Hot Wallet Breach and Pledges to Cover Every User.
Frozen Funds: What Tether, Circle and Ripple Reported
BeInCrypto reported that Tether confirmed freezing more than $1.567 billion in USDT, Circle blocked more than $800 million in USDC, and Ripple reportedly froze about $200 million.
Binance's figures also differ. A Binance post on X put the verified total frozen at $2.54 billion, according to CNBC. Its security incident update put it at about $3 billion.
By WYDE's arithmetic, the roughly $3 billion that Binance reports as frozen is about 48 percent of its $6.3 billion estimate (3 / 6.3 = 47.6 percent). That leaves about $3.3 billion not reported as frozen. The Reuters factbox noted the same remainder and said Binance gave no update on it.
What Binance Said About User Funds, Losses and Withdrawals
Binance's update said its initial investigation suggests the incident may involve a compromised DevOps engineer's laptop, which allowed an attacker to submit unauthorized withdrawal transactions. Binance said in the update: "We have found no evidence of any wallet private key leak."
The update also said user funds are safe. It said: "Binance will cover all losses from the SAFU fund and the company’s funds." CoinDesk reported that SAFU, Binance's Secure Asset Fund for Users, holds roughly $1 billion in bitcoin. By WYDE's arithmetic, that is about 16 percent of the $6.3 billion estimate (1 / 6.3 = 15.9 percent). The update does not say how the cost will be split.
Binance said it temporarily suspended deposits and withdrawals while security checks are completed. The update gives no date for restarting withdrawals. It also said Binance engaged law enforcement and blockchain intelligence partners to trace and recover funds.
What Stablecoin Freezes Can and Cannot Recover
Ari Redbord, global head of policy at the blockchain intelligence firm TRM Labs, told CNBC that stablecoins are "the most recoverable asset class in crypto because the issuer controls the token contract." Redbord estimated that roughly $2.4 billion in USDT and USDC had been frozen, while about $2.4 billion in bitcoin and ether remained under the attacker's control.
CoinDesk reported that the attacker borrowed at least 20,000 wrapped ether, worth about $44 million, from the lender Aave using stolen USDT as collateral.
People Also Ask
How much was stolen in the Binance hack?
Binance estimates the total impact of the Binance hack at about $6.3 billion. Chainalysis put the amount stolen at roughly $5.9 billion at the time of the theft, according to CoinDesk. The final total is not confirmed.
Are user funds safe after the Binance hack?
Binance says user funds are safe. It will cover all losses from the SAFU fund and company funds, but it has not said how the cost will be split between them.
Did Binance pause withdrawals after the hack?
Yes. Binance temporarily suspended deposits and withdrawals while security checks are completed, and its update gives no restart date.
Can Tether and Circle freeze stolen USDT and USDC?
Yes. Stablecoin issuers control their token contracts, so they can freeze tokens at an address. Tether froze more than $1.567 billion in USDT and Circle more than $800 million in USDC tied to the Binance hack, BeInCrypto reported.
Sources: Binance, CoinDesk, BeInCrypto via Yahoo Finance, CNBC, October 29, CNBC, October 30, Reuters factbox.