Binance Hack: $6.3 Billion Stolen, Withdrawals Partly Resume

Binance lost about $6.3 billion in the largest crypto hack on record. What happened, who may be behind it, how bitcoin reacted and what users should do.

The Binance hack is the biggest crypto story of the week. Hackers drained roughly $6.3 billion from Binance, the world's largest crypto exchange, on October 29, 2026, and the exchange paused withdrawals while it investigated. On Sunday, November 1, Binance began reopening withdrawals in phases, starting with bitcoin, and said it had replaced about 95% of the stolen assets.

What happened

On October 29, The Block reported that Binance was investigating a hack as suspicious outflows reached as much as $5.8 billion. TechCrunch reported that the exchange paused withdrawals as hackers were suspected of stealing billions of dollars in crypto.

Early estimates moved quickly. An early widely shared post from The Kobeissi Letter described outflows of about $5.7 billion across the Ethereum, Bitcoin and TRON networks, including about $1.45 billion in bitcoin and $875 million in ether. CoinDesk later reported losses of more than $6 billion.

How big is the hack?

Blockchain analytics firm TRM Labs puts the theft at about $6.36 billion across ten blockchains, while Binance's own estimate is about $6.3 billion, according to Wikipedia's summary of the 2026 Binance hack and Tech-Insider. That would make it the largest crypto heist on record, well above the roughly $1.5 billion Bybit hack in 2025.

Estimate	Amount	Source
Early on-chain outflows	about $5.7 billion	The Kobeissi Letter
Suspicious outflows	up to $5.8 billion	The Block
Binance's estimate	about $6.3 billion	Binance, via Wikipedia
TRM Labs estimate	about $6.36 billion	TRM Labs, via Tech-Insider

Figures were still being revised as the story developed, so treat them as estimates.

Who is behind it?

TRM Labs links the attack to North Korea-linked hackers, allegedly the group known as TraderTraitor, according to the same reports. Binance's chief executive reportedly said the attack used EIP-7702, an Ethereum feature, against the exchange's hot wallet (a wallet connected to the internet for day-to-day withdrawals). Other sources say attribution is not yet settled, so this should be treated as preliminary.

How Binance responded

Withdrawals paused on multiple networks as a precaution.
Funds frozen: stablecoin issuers Tether and Circle froze large sums. One report said Tether froze about $1.56 billion, and Binance said about $3 billion of assets were frozen overall.
Binance.US unaffected: the separate US platform was not affected by the incident, according to reports.
Losses covered: Binance says it has replaced about 95% of the stolen assets, up from 80% and then 90% in earlier updates, CoinCentral and crypto.news reported.

Withdrawals resume in phases

Binance reopened bitcoin withdrawals first on November 1. Former CEO Changpeng Zhao (CZ) confirmed it on X with a post saying "BTC withdrawal is live," AMBCrypto reported. The first phase covers bitcoin, ether, USDT and USDC on Ethereum, BNB Smart Chain, Tron and Solana, according to Cryptonews. No timetable has been given for the second phase.

Once withdrawals reopened, many users moved money out. Whale Alert flagged about $2 billion in bitcoin, ether and stablecoins leaving Binance within three hours, The Currency Analytics reported.

How bitcoin reacted

Bitcoin fell about 4% when the hack was first reported, from about $81,900 to a close near $77,900, according to AMBCrypto. It later edged up about 1% over 24 hours to around $78,122, still below the $79,000 level it lost on the day of the hack, and the reopening did not spark the rally some commentators expected, GuruFocus reported. Our bitcoin price report has more context.

CZ argued the damage to bitcoin would be limited because the hack's bitcoin exposure, about 18,270 BTC, is small compared with the roughly 650,000 BTC lost in the Mt. Gox collapse. He also credited the FBI, US Secret Service and IRS with helping prevent a deeper sell-off, U.Today reported.

What it means for crypto users

The hack is a reminder that crypto held on an exchange depends on that exchange's security. Binance says users' losses have been largely covered, but the episode raises questions about hot-wallet safety across the industry and could draw more attention from regulators.

Practical steps for any exchange user (general information, not personalized advice):

Use official channels only. Check Binance's official website and verified accounts for updates. Scammers often pose as support staff after a hack.
Watch for phishing. Never share passwords, two-factor codes or seed phrases, and be careful with links in emails or messages about "refunds."
Turn on strong security: an authenticator app or hardware key, plus withdrawal address allow-lists.
Understand the trade-off. Keeping crypto on an exchange is convenient; self-custody wallets remove exchange risk but make you responsible for your own keys.
Avoid panic decisions during volatile periods, and only invest money you can afford to lose.

FAQ

Is Binance safe after the hack?

Binance says it has replaced about 95% of the stolen assets and is restoring withdrawals in phases. Whether to keep funds on any exchange depends on your own risk tolerance; check official updates and use strong account security.

Can I withdraw from Binance now?

Bitcoin withdrawals reopened first on November 1, followed by a first phase covering ether, USDT and USDC on several networks, BNB Smart Chain, Tron and Solana. No timetable has been given for the remaining networks.

How much was stolen in the Binance hack?

Estimates range from about $5.7 billion in early reports to about $6.36 billion from TRM Labs. Binance's own figure is about $6.3 billion.

Who hacked Binance?

TRM Labs links the attack to the North Korea-linked group TraderTraitor, but attribution has not been confirmed by all sources.

Was Binance.US affected?

No. Reports say Binance.US was not affected.

Sources

This article is for informational purposes only and is not financial advice. Crypto is volatile; check live prices before making decisions.