Binance reserves $6.34B for hack losses as investigators find more breach points
CIE News ·
Based on reporting by Bitcoin.com News; not yet independently confirmed.
Binance set aside over $6.34 billion to cover losses from an exploit estimated at $6.3 billion. Deposits and withdrawals are suspended while partners froze roughly $3 billion.
Binance announced on October 30, 2026, that it has allocated more than $6.34 billion from company reserves and its Secure Asset Fund for Users to fully cover losses from an estimated $6.3 billion hack. The exchange stated that deposits and withdrawals remain temporarily suspended while security reviews continue. Binance co-founder Changpeng Zhao confirmed the platform considers the breach a hack and plans full coverage for affected users.
Investigators initially attributed the intrusion to an unauthorized service container access via a compromised DevOps engineer laptop, but Binance later reported discovering additional breach points. To limit losses, Tether and Circle assisted by blacklisting attacker addresses, freezing $1.567 billion in USDT and more than $800 million in USDC. Tradingview.com reported that unauthorized outflows have ceased, while partners work to recover approximately $3 billion in total frozen assets.
The attack triggered a broader crypto market sell-off, prompting liquidations exceeding $1.54 billion, according to Bitcoin.com News. Onchain investigator ZachXBT linked the incident to the North Korea-tied group Tradertraitor, a conclusion also shared by TRM Labs and Blockaid according to tradingview.com.
Key facts
- $6.34B backstop reserved
- $6.3B estimated drain
- Withdrawals suspended
- $2.36B in stablecoins frozen
Read the original at Bitcoin.com News