By onrecord | Last updated: October 30, 2026. This is a developing story and figures may change.
The suspected hack of Binance on October 29, 2026 is the biggest crypto hack in history. Hackers drained an estimated $6.3 billion from the world’s largest crypto exchange, forcing it to suspend deposits and withdrawals while investigators trace the funds.
Because the story is still unfolding, a lot of what you read about it is early, incomplete or contradictory. Binance puts the loss at $6.3 billion, while Chainalysis estimates about $5.9 billion. Early reports blamed one engineer’s laptop, but Binance’s co-CEO now says the breach was more complex. This guide separates what is confirmed from what is only suspected, names the source for each claim, and is updated as the facts change.
It’s written for crypto holders, traders and anyone following the news who wants a clear, accurate picture. For more coverage, see our latest technology news and our crypto coverage.
Key Takeaways
- It is the largest crypto hack ever recorded. Estimates of $5.9 billion to $6.3 billion are nearly four times the roughly $1.5 billion Bybit hack in 2025.
- About $3 billion is frozen. Binance and its partners, including stablecoin issuers Tether and Circle, froze roughly half of the stolen funds, so some may be recoverable.
- Binance says user funds are safe. The exchange has pledged to cover all hacking losses, but deposits and withdrawals were suspended at the time of writing.
- North Korea is suspected, not confirmed. TRM Labs, Pangolin Intelligence and Chainalysis point to North Korean hackers, but Binance has not officially named the attacker.
- The attack was not a single “one-click” action. Co-CEO Richard Teng says investigators have found additional breach points beyond the first compromised laptop.
- Expect market effects. Analysts say Binance’s size limits the risk of collapse, but wider price moves and a shift toward decentralized exchanges remain possible.
What Happened in the Binance Hack?
On Thursday, October 29, 2026, Binance suspended deposits and withdrawals after hackers drained funds from its wallets. Co-founder Yi He said on X that user funds were safe and that Binance would cover all hacking losses.
Binance later estimated that about $6.3 billion had been taken. The exchange and its partners froze roughly $3 billion of the stolen assets, and Tether and Circle were reported to have frozen large amounts of stolen tokens as well.
Timeline
- October 29: Reports of a breach emerge and Binance halts deposits and withdrawals.
- October 29: Binance confirms an estimated $6.3 billion loss and says about $3 billion has been frozen.
- October 30: Researchers link the attack to North Korean hackers. Richard Teng says investigators have found additional breach points.
How Did the Hackers Get In?
Binance’s initial investigation linked the attack to a compromised laptop belonging to one engineer, which gave the attacker access to systems used to make withdrawals.
Richard Teng has since said the attack was more complex than one person’s access being misused. Some security researchers have suggested the attackers may have manipulated transaction signing rather than simply stealing keys. This has not been confirmed, and the investigation is ongoing. We track developments like this in our technology section.
Who Is Behind the Binance Hack?
Researchers at TRM Labs and Pangolin Intelligence say the attack appears to be the work of a North Korean hacking collective. Nick Carlsen, a senior TRM investigator, told The Wall Street Journal: “This was absolutely North Korea.” Chainalysis CEO Jonathan Levin said the group TraderTraitor was likely responsible.
What is not confirmed: Binance has not officially named the attacker. North Korean representatives have previously denied hacking crypto exchanges, even though the country has been linked to some of the largest crypto thefts on record, including the 2025 Bybit hack. For wider global context, see our world news.
How Does It Compare With Other Big Crypto Hacks?
| Rank | Incident | Year | Approx. amount stolen |
| 1 | Binance (suspected) | 2026 | $5.9B to $6.3B (estimates) |
| 2 | Bybit | 2025 | about $1.5B |
| 3 | Ronin Network | 2022 | about $625M |
| 4 | Poly Network | 2021 | about $611M |
| 5 | BNB Bridge (Binance Smart Chain) | 2022 | about $570M |
| 6 | Coincheck | 2018 | about $530M |
Mt. Gox (2014) involved about 850,000 bitcoin, but its value is measured differently because of price changes and disputed details, so it is usually listed separately. Binance itself was hit before, in a 2019 theft of about 7,000 bitcoin and the 2022 BNB Bridge exploit. For more on crypto and Pakistan, browse our crypto coverage.
Are Your Funds Safe on Binance?
Binance says user funds are safe and that it will cover all losses. Kevin March, co-founder of crypto trading firm JPEG Trading, said Binance’s size makes it more insulated than other exchanges and that it can cover losses through its insurance and balance sheet.
However, withdrawals were suspended at the time of writing, and broader market effects remain possible. Smaller exchanges can collapse after hacks because panicked users rush to withdraw, but analysts say Binance’s scale reduces that risk.
What Does the Hack Mean for Crypto Markets?
Crypto markets sold off as news of the hack spread. Analysts at Standard Chartered said it could accelerate a long-term shift toward decentralized exchanges such as Uniswap, as traders look to reduce reliance on centralized platforms. Follow wider market stories in our business and finance news.
The hack also arrived during a month of heightened cybersecurity concern. On the same day, prediction market Polymarket confirmed a separate cyberattack in which at least $2.7 million was taken, which researchers linked to a third-party website monitoring tool.
What Should You Do Now?
This is general information, not financial advice.
- Don’t panic-sell or rush to move funds based on rumors. Follow Binance’s official channels for updates.
- Watch for phishing. Scammers exploit breaking hack news with fake “withdrawal recovery” emails and links. Never share your seed phrase or password.
- Secure your account. Turn on two-factor authentication using an authenticator app or passkey (not SMS), set an anti-phishing code and use a withdrawal address whitelist.
- Don’t keep everything in one place. Spread holdings across platforms, or use self-custody for long-term holdings you don’t trade.
- Keep records. Save screenshots of your balances and any official communications.
Frequently Asked Questions
What is the biggest crypto hack in history?
The suspected Binance hack of October 29, 2026, with estimated losses of $5.9 billion to $6.3 billion. The previous record was the roughly $1.5 billion Bybit hack in 2025.
How much was stolen in the Binance hack?
Binance estimates $6.3 billion. Chainalysis estimates about $5.9 billion. About $3 billion has been frozen and may be recoverable.
Who hacked Binance?
Researchers at TRM Labs, Pangolin Intelligence and Chainalysis link the attack to North Korean hackers, including the group TraderTraitor. Binance has not officially confirmed who is responsible.
How did the Binance hack happen?
Binance’s initial investigation pointed to a compromised engineer’s laptop that gave attackers access to withdrawal systems. Co-CEO Richard Teng says the breach was more complex than one person’s access, and the investigation is continuing.
Is my money safe on Binance?
Binance says user funds are safe and that it will cover all hacking losses. Withdrawals were suspended at the time of writing, so check Binance’s official channels for the latest status.
Will Binance get the stolen money back?
Not necessarily. About $3 billion was frozen, which gives a chance of recovery, but the rest may be difficult to trace or retrieve.
Is North Korea responsible for other crypto hacks?
U.S. authorities and researchers have attributed several major thefts to North Korea-linked groups, including the 2025 Bybit hack, though North Korea has denied involvement.
Related Reading
Sources
- Axios, “Binance halts trading after biggest-ever crypto hack” (October 2026)
- Cointelegraph live updates on the Binance hack (October 29-30, 2026)
- investingLive, Chainalysis estimate and Tether/Circle freezes (October 2026)
- The Wall Street Journal, comments from TRM Labs
- FBI, attribution of the 2025 Bybit hack to North Korea
- Binance and Yi He statements on X
This article is updated as new information is confirmed. Read our editorial policy and learn about us.
