Binance Reports $6.3 Billion Crypto Theft, Suspends Withdrawals

NGN News English | October 30, 2026

Binance, the world’s largest cryptocurrency exchange, is dealing with a major cybersecurity breach after approximately $6.3 billion worth of digital assets were lost through unauthorized withdrawals, marking what could be the largest cryptocurrency theft in history.

The incident occurred on October 29, when attackers compromised the exchange’s hot wallets and transferred substantial amounts of cryptocurrency. Binance temporarily suspended withdrawals while its security teams investigated the breach and worked to prevent further unauthorized transactions.

Investigation Reveals Multiple Security Breaches

Binance’s initial investigation suggested that attackers may have gained access through a compromised laptop belonging to an engineer. The intrusion potentially allowed them to enter an internal service environment and submit unauthorized withdrawal transactions.

However, the investigation subsequently uncovered additional points of breach. Binance co-CEO Richard Teng described the incident as a complex attack and said investigators were still working to establish the complete sequence of events.

The company also reported that it had found no evidence of cryptocurrency wallet private keys being leaked.

Billions in Assets Frozen During Recovery Efforts

Following the incident, Binance began coordinating with law enforcement agencies, blockchain intelligence companies, cryptocurrency issuers and industry partners to trace and freeze the affected assets.

According to the exchange’s October 30 security update, approximately $3 billion worth of affected assets had already been frozen on the blockchain. Additional recovery efforts were continuing as investigators tracked the remaining funds.

Binance Promises to Cover Financial Losses

Binance has stated that customers will not be responsible for losses resulting from the incident. The company committed to covering the affected amount through its Secure Asset Fund for Users (SAFU) and corporate treasury.

The exchange reported that it had allocated more than $6.34 billion in company funds to address the incident, including approximately $5 billion held in the same cryptocurrency assets affected by the attack.

Withdrawals Suspended During Security Checks

Binance temporarily suspended withdrawals while strengthening its security systems, reviewing affected infrastructure and implementing additional safeguards. The company said deposits and other unaffected platform services remained operational.

The exchange was also working to restore withdrawal services through a phased process, subject to the completion of security checks.

The incident has raised significant questions about cybersecurity risks within the cryptocurrency industry, particularly the security of centralized exchanges that hold substantial amounts of digital assets.

NGN News English will continue monitoring developments as Binance works to recover the affected funds and complete its investigation.