Key Takeaways:
- Binance’s hot wallets were hacked for approximately $6.3 billion.
- Already, about $3 billion of assets have been seized.
- Binance allocated over $6.34 billion of reserves for user losses.
U.S. law enforcement has also been involved in the response to Binance’s massive crypto hack, working with the exchange and industry partners to track the sources of stolen funds. Binance says users will not absorb the losses and has committed company resources and its SAFU fund to make affected balances whole.
FBI Joins Hunt After Binance Loses $6.3 Billion
According to Binance, the hack caused about $6.3 billion worth of withdrawals from Binance hot wallets on Oct. 29. The FBI told Reuters it’s collaborating with both public and private partners to determine the extent of the situation and carry out investigative measures. According to Bloomberg separately Thursday, U.S. Secret Service investigators are also helping in the recovery.
Binance initially blamed the attack on a hacked DevOps engineer’s laptop but stated that they had found more points of attack. There is no evidence of the private keys in wallets being leaked, the company said.
Read More: Binance Says $6.3B Hit in Security Breach, $3B Frozen After DevOps Laptop Compromise
Nearly Half the Stolen Assets Are Already Frozen
Binance says approximately $3 billion of the affected assets has been frozen onchain through cooperation with token issuers, exchanges, blockchain intelligence firms and law enforcement. That leaves a lot of remaining victims not yet found and going unrecovered.
According to Reuters, the stablecoin issuers managed to freeze some of the stolen money, while assets like Bitcoin and Ether are less easily held due to the absence of centralized issuers that allow the assets to be frozen.
Binance Sets Aside $6.34B to Protect Users
The incident is covered by over $6.34 billion of Binance’s company funds.
Of this total, roughly $5 billion is already locked in stolen tokens, which include BTC, ETH, BNB, USD, USDT, holding nickname assets. The exchange claims it is buying up the balance using market and OTC channels to interface with users.
According to Binance, around 80% of the value of those impacted is already covered by the $5 billion standing of reserves.
https://t.co/eeLPCUjIxR
— Binance (@binance) October 30, 2026
The company stressed that the figures do not include assets that have already been frozen or otherwise protected, which remain subject to recovery and verification.
Withdrawals and Proof of Reserves Take Center Stage
The withdrawal process was temporarily paused, as Binance implements further security testing and remediation measures.
The exchange said it’s going to reopen withdrawals in steps as those checks are finished. It also plans to release a revamped PoR to allow users to check platform balances against customer balances.
An in-depth technical forensic analysis will also be undertaken after investigators determine the attack sequence.
The attack is now the biggest crypto-theft by value that has ever occurred on an exchange, calling for centralized exchanges to reinforce their transaction-signing infrastructure, hot wallet controls and real-time monitoring.
Read More: Binance $5.5B Hack Exposed: 50 EIP-7702 Nonces Opened One Hot Wallet in Minutes
