Binance, the world’s biggest crypto exchange, says hackers drained about $6.3 billion from its systems on Thursday, Oct. 29. That makes the Binance hack the largest crypto theft on record. The company says customers will not lose money, but withdrawals are frozen for now, and scammers are already circling. Here is what happened and what to do with your account today.
The short version
Binance says an attacker got in through an engineer’s laptop and pulled out about $6.3 billion. It promises to cover every loss, but you cannot withdraw until it finishes fixing its systems.
- Binance estimates the total hit at about $6.3 billion, with roughly $3 billion frozen on the blockchain so far.
- By our math, about $3.3 billion, a little over half, had not been frozen when Binance last updated.
- Binance says it will cover all losses from its SAFU emergency fund and its own money.
- Deposits work again, but withdrawals stay paused. On the morning of Oct. 30, Binance said it was on track to restart them in about 45 hours, which points to early Sunday, Nov. 1.
- The biggest risk to you now is fake “refund” or “verify your wallet” messages, so only trust updates inside the Binance app or on binance.com.
What happened in the Binance hack
In an official announcement posted on Oct. 30, Binance said its early investigation points to a compromised laptop belonging to one of its DevOps engineers, the staff who run its servers. The attacker used that access to reach part of Binance’s withdrawal system and send out withdrawals that nobody approved.
Binance said it has “found no evidence of any wallet private key leak.” A private key is the master password that controls a crypto wallet. In plain words, the company is saying the attacker tricked its systems into sending money out, rather than stealing the keys to every vault.
On Oct. 30, Binance co-CEO Richard Teng said this was a complex attack, not a single “one-click” action, and Binance said its investigation had found “additional points of breach.” Binance has promised a full technical report once its investigation is checked, and an updated Proof of Reserves, its public record showing it holds enough crypto to cover customer balances.
Is your money on Binance safe?
Binance’s answer is yes. Its announcement says, “Binance will cover all losses from the SAFU fund and the company’s funds.” SAFU stands for Secure Asset Fund for Users, an emergency pool Binance keeps for events like this. In a post on X on Oct. 30, the company said, “User funds are safe.”
What changes for you: your balance should still show the same numbers, but you cannot move crypto off Binance until withdrawals reopen. If you were planning to send coins to another wallet or cash out this week, plan for a delay. Deposits were working again by Friday morning, according to the company.
One honest caveat. A promise to cover losses is only as strong as the money behind it. Binance has not published the current size of its SAFU fund. It did say on Oct. 30 that it has “already reserved over $6.34B of company funds” to cover the hack, about $5 billion of it already held in the same coins that were taken, and that it is buying the rest. Roughly $3.3 billion of the stolen crypto was still unfrozen at its last update. The updated Proof of Reserves will be the number to watch.
What to do with your Binance account right now
- Do not panic sell. Selling does not get your money out faster, because withdrawals are paused for everyone.
- Ignore any “refund” or “claim your compensation” message. Binance has not asked anyone to fill in a form or connect a wallet to get covered. Anyone who does is running a scam.
- Never share your password, 2FA codes or seed phrase. No real support agent needs them, by phone, WhatsApp, Telegram or email.
- Check news only in the app or on binance.com. Look-alike sites with names close to Binance tend to appear within hours of big events like this.
- Turn on a passkey or an authenticator app if you still use text message codes. Our step by step guide to passkeys shows how.
- When withdrawals reopen, expect a queue. Many people will try to move funds at once, so delays and higher network fees are likely in the first hours.
Watch out for Binance hack scams
Big hacks bring a second wave of fraud. The pattern is predictable: a message that looks official says your account was “affected” and asks you to verify it, or a stranger offers to recover your coins for a fee. Recovery services that ask for money upfront are a common trap. Our report on the scams Interpol shut down across Africa shows how fast these schemes spread.
If an older relative or friend holds crypto, this is a good week to check on them. Our guide on how to talk to parents about scams has a few ways to start that conversation without it turning into a lecture.
What we still do not know
- Who carried out the attack. Teng said Binance has not blamed any person.
- The exact date and time withdrawals will reopen.
- How much of the unfrozen crypto Binance and its partners will get back.
- The current size of the SAFU fund and what the updated Proof of Reserves will show.
We will update this story when Binance reopens withdrawals or publishes its full report. If you keep crypto on any exchange, our guide to securing a digital wallet covers the basics of holding some of it yourself.
