Binance confirms $6.3B hot-wallet theft, freezes withdrawals
Binance says attackers took $6.3 billion from hot wallets, with $3 billion frozen; recovery, withdrawal resumption and reserve verification are now in focus.
The Top Crypto Editors 2 min read
Binance says attackers took approximately $6.3 billion in token assets from its hot wallets, and the exchange has suspended withdrawals while it secures affected systems. In its second security incident update, published October 30, Binance said the compromise occurred around 20:05 UTC on October 29. The Associated Press report also reported the estimated $6.3 billion impact and the freeze of about $3 billion on-chain. Binance says it will absorb the losses through its user protection fund and corporate treasury.
How did attackers get withdrawal transactions through?
Binance’s initial investigation pointed to a compromised DevOps engineer’s laptop, which may have let an attacker access a service container and submit unauthorized withdrawal transactions. The exchange now says investigators have found additional points of breach, so the laptop theory does not yet explain the full attack sequence. Binance says it has found no evidence that wallet private keys were leaked. It expects to share verified technical findings in about 48 hours, provided disclosure does not compromise the investigation.
What is Binance doing about the loss?
Binance says it has set aside more than $6.34 billion in company funds, including $5 billion in the affected tokens, and is buying the remaining token assets through market and over-the-counter channels. It also says about $3 billion has been frozen on-chain through work with law enforcement, blockchain intelligence firms, issuers and industry partners. The exchange has revoked affected authorizations and added security controls. Deposits and other unaffected services remain operational, but withdrawals are still suspended during security reviews.
When could withdrawals resume?
Binance is targeting a phased restart within approximately 34 hours, subject to completed security checks. It also plans an initial Proof of Reserves snapshot, with results expected by Monday, November 2, after remediation. The exchange says the report will show platform asset holdings and their backing of user balances. Watch for confirmation of the withdrawal restart, the reserve results and Binance’s technical findings.
References
- second security incident update — binance.com
- Associated Press report — apnews.com