Binance Completes Initial Investigation into $6.3B Hack, Here’s What Happened

The world’s largest crypto exchange Binance has completed an initial investigation into the hack, calling it a “security incident.” The exchange revealed that a compromised DevOps engineer’s laptop enabled unauthorized withdrawals of Bitcoin, Ethereum, and other crypto assets worth billions.

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Binance Hack: Estimates $6.3 Billion in Total Impact, $3 Billion Frozen

In an official announcement on October 30, Binance claimed the security incident or hack happened due to a compromised DevOps engineer’s laptop. It allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions.

The estimated total impact sits at around $6.3 billion, with $3 billion frozen on-chain through blockchain partners. However, Binance confirmed wallet private keys remain safe and plans to share proof of reserves once the remediation process is complete.

“We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified,” said Binance.

Binance has temporarily suspended deposits and withdrawals after the hack. It has revoked affected authorizations and is working with law enforcement and blockchain intelligence partners to trace and recover funds.

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Crypto Exchange to Cover All Losses

Binance will cover all losses from the SAFU fund and the company’s funds. Executives also confirmed that user funds are safe.

“Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice,” Binance added.

Crypto companies moved quickly to contain the stolen funds. Tether froze almost $1.57 billion in USDT and Circle froze over $800 million in USDC after the Binance hack. Additional assets were reportedly frozen by other issuers.

Binance co-CEO Yi He on Binance Hack

Binance co-founder Changpeng “CZ” Zhao confirmed that co-CEO Yi He remained awake all night to manage the situation. “User funds are SAFU! Yet, this pregnant lady pulled an all nighter, along side hundreds of Binancians,” he said.

CZ also revealed that many crypto industry allies and even competitors came together and provided the needed help. “It hurts, but we will survive,” he added.

Yi He engaged security teams to review all relevant information with urgency. “We will provide updates through official Binance channels as soon as we have verified information.” She also warned users to remain cautious of scams and not trust unofficial links, messages, or requests for account information.

Yi He appreciated the swift action by Tether, Circle, Ripple, and others to freeze funds. She confirmed that Binance will cover all losses in the hack.

**Service Update**

Deposits remain unaffected and continue to operate as normal.

Our team is currently working on enhancements to the withdrawal service and related address controls. We expect to begin resume withdrawal services in the next 48 hours.

We will continue to share…

— Yi He (@heyibinance) October 30, 2026