The short version
- Binance hack: the exchange says an attacker used a compromised DevOps engineer’s laptop to push through unauthorized withdrawals worth about $6.3 billion, the biggest crypto theft on record.
- About $3 billion is frozen onchain, mostly USDT and USDC, and Binance says it will cover all losses from its SAFU fund and its own money; it found no sign that private keys leaked.
- The crew is watching whether withdrawals restart within the 48 hours Binance promised, and what the technical post-mortem shows.
Binance, the world’s biggest crypto exchange, has just suffered the biggest crypto hack on record. The exchange puts the damage at about $6.3 billion, more than four times the $1.5 billion taken from Bybit in February 2025.
Withdrawals are paused, about $3 billion has been frozen onchain, and Binance says it will cover every loss. Here is what we know so far.
Binance’s own update lays out the cause and the size of the hit:
Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private
What Happened in the Binance Hack?
It started with one laptop. Binance’s first findings point to a compromised DevOps engineer’s laptop, which gave the attacker access to a service container, part of the system that sends withdrawals. From there the attacker pushed through unauthorized withdrawals from Binance’s hot wallets.
“We have found no evidence of any wallet private key leak,” Binance said. It has revoked the affected address authorisation and promised a full technical post-mortem once the facts are verified.
DefiLlama logs $5.78 billion stolen across seven chains, including Ethereum, Bitcoin and TRON.
Blockchain analytics firm TRM Labs puts the haul at about $6.36 billion across ten blockchains, most of it taken in 20 minutes from 20:05 UTC on Thursday. It blames TraderTraitor, the North Korean hacking unit the FBI named for the Bybit theft, “with high confidence.” Binance itself has not named the attacker.
TRM says the attacker still holds more than 420,000 ETH and 18,270 BTC, about $2.4 billion that no issuer can freeze. Arkham has tied 70 wallets to the hacker so far:
The Binance Hacker is already an official entity on Arkham.
70 of their addresses have been verified by our team.
Track the flows:
Sponsored · Affiliate link
Save 20% on fees trading on WEEX
Base Camp may earn a commission if you sign up. It never affects what we write.
How Much of the Stolen Crypto Is Frozen?
About $3 billion so far, Binance says. Stablecoins are the attacker’s weak spot, because the issuers can freeze them in place. Tether CEO Paolo Ardoino said Tether froze more than $1.5 billion in USDT, and Circle CEO Jeremy Allaire said Circle froze more than $800 million in USDC in coordination with law enforcement.
That leaves roughly $3.3 billion out of reach. Binance says it “will cover all losses from the SAFU fund and the company’s funds” and will publish an updated proof of reserves once the fix is done. Co-founder Changpeng Zhao, who no longer runs the exchange, backed that up:
User funds are safe!
It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).
I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.
SIDE TRAIL: Crypto Hacks in October: $129M Lost, DeFi’s Quietest Month
When Will Binance Withdrawals Resume?
Within two days, if the plan holds. In a service update at 04:17 UTC on Friday, Binance co-CEO Yi He said the exchange expects to start withdrawals again in the next 48 hours, while the team works on the withdrawal service and its address controls. The same update says deposits work as normal, although Binance’s earlier post listed deposits as suspended too.
Expect scammers to move fast. Fake “Binance support” messages offering early withdrawals or a “wallet check” are the classic follow-up to a hack like this. Binance asks users to rely only on its official channels, and nobody genuine will ever ask for your password or 2FA codes.
TRAIL MAP: The 10 Most Common Crypto Scams and How to Spot Them
Bitcoin and BNB Price After the Hack
The market took the news calmly. Bitcoin trades at $78,200 at the time of writing, down 2% in 24 hours after a dip to about $76,400; holding the $76,250 swing low is the line to watch. BNB is down almost 5% at $716 after touching $682.
The crew is watching two things now: whether withdrawals restart on time, and whether the post-mortem confirms that Binance’s private keys were never exposed.
On the climb since 2017. Trades futures and reads onchain data. Automates the boring parts.
More from VikingXBT →
