Binance, the world’s largest cryptocurrency exchange, said a security breach has had an estimated $6.3 billion impact. Analysts say it could be the biggest crypto theft ever. Binance has paused deposits and withdrawals, and about $3 billion has been frozen so far, according to Reuters as published by Dawn on 30 October 2026. Binance says user funds are safe and that it will cover the losses. Here is what is known, what is still unclear and what users can do.
What Happened
Binance announced the “security incident” on Thursday, 29 October, according to The Hacker News, and markets reacted in early Asian trading on Friday, according to Reuters. An early investigation suggests it may have started with the compromised laptop of a Binance engineer. The Hacker News describes the person as a DevOps engineer. The attacker is said to have used that access to reach a service container and send unauthorised withdrawals. Binance said there was no evidence that a wallet private key leaked.
How Big Is It?
- $6.3 billion: The amount Binance says was affected.
- About $5.9 billion: Chainalysis’s estimate of the amount stolen at the time of the theft, according to The Hacker News. It is almost four times the next-largest crypto heist, the roughly $1.5 billion Bybit theft in February 2025.
“Affected” and “stolen” are different measures, and the reports do not reconcile them.
What Has Been Frozen
About $3 billion has been frozen so far. The reports I read do not say what has happened to the rest.
- Tether: Nearly $1.57 billion.
- Circle: More than $800 million.
- Ripple: About $200 million, according to Reuters.
- World Liberty Financial, with custodian BitGo: About $27 million in stablecoins and about $2 million in World Liberty tokens, according to Binance co-founder Yi He as quoted by Reuters.
- Arbitrum Security Council: About $30.5 million, according to The Hacker News.
What Binance Says
- Deposits and withdrawals are temporarily suspended while security checks are completed.
- “User funds remain safe,” according to Reuters.
- Yi He said the company would cover “all hacking losses.” The Hacker News says the money will come from Binance’s Secure Asset Fund for Users (SAFU) and its own funds.
- It revoked the affected address authorisation and is working with law enforcement and blockchain analytics partners to trace the funds and find those responsible.
These are Binance’s own statements. The reports do not say when withdrawals will resume or how many users were affected. Reuters notes that Binance has about 335 million registered users and held about $162.8 billion in assets under custody, according to its 2025 annual report.
Market Reaction
- Bitcoin fell more than 3% to $76,368, a six-week low.
- Ether fell more than 3% to $2,178, a two-month low.
- BNB, Binance’s token, fell 5%.
- Coinbase shares dropped 4.8%, and Strategy fell nearly 6% in extended US trading.
Binance.US and Coinbase said they were not affected, according to Reuters.
What Experts Say
- Aravind Srinivasan of GSR said, “It’s the biggest hack in history.”
- Bernardo Brites, CEO of Trace Finance, said hacks are harder to counter because “AI can find vulnerabilities faster than you can fix them.”
- Tim Sun of HashKey Group said the breach may make investors rethink the safety of centralised exchanges.
Who Is Behind It?
No attacker has been named. Miguel Morel, CEO of Arkham, said data pointed to an unknown actor. The Hacker News notes that its report does not link North Korea to this breach, although it covers earlier hacks.
What About Pakistan?
None of the reports I read mention Pakistan or Pakistani users. If you hold funds on Binance, check the company’s official announcements. Do not click links in messages or ads that claim to offer refunds or withdrawals.
Tips for Crypto Users
This is general safety advice, not from Binance or the reports.
- Use only Binance’s official app and website, and type the web address yourself.
- Be careful of “refund” or “recovery” messages. Scammers often use big news like this.
- Never share your password, two-factor codes or recovery phrases.
- Avoid keeping more on any exchange than you need.
- Cryptocurrency prices are volatile, so do not make quick decisions in a panic.
This article is not financial advice.
What Is Not Yet Clear
- When deposits and withdrawals will reopen.
- How many users were affected.
- What will happen to the remaining funds that are not frozen.
- Who carried out the attack.
- How exactly Binance will cover the losses.
Frequently Asked Questions
How much was lost in the Binance breach?
Binance says the impact was about $6.3 billion. Chainalysis estimates about $5.9 billion was stolen.
Are user funds safe?
Binance says so and says it will cover the losses. This is the company’s statement.
Can I withdraw my money?
Deposits and withdrawals are temporarily suspended.
How much has been frozen?
About $3 billion, mostly stablecoins frozen by Tether and Circle.
How did the attack happen?
An early investigation points to a compromised engineer’s laptop.
Who did it?
That is not known.
The story is still developing, so check Binance’s official channels for updates.
