Binance Investigates Multibillion-Dollar Security Breach
Binance faced a significant security breach on October 29, 2026, with a reported $6.3 billion in assets stolen, marking the largest cryptocurrency theft in history.
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Written by:
- Nate Kostar, staff writer
- Bryan O'Shea, staff editor
Binance confirms record hack, pledges to cover losses
Binance has confirmed a $6.3 billion security breach, four times larger than the previous record hack at Bybit in 2025. Approximately $3 billion in affected assets have been frozen by the exchange and its partners. Binance assures that it will cover all losses using its Secure Asset Fund for Users (SAFU) and company funds.
Initial Reporting and Updates:
Concerns were initially raised by blockchain researcher Spreek, who observed the transfer of assets from a Binance-linked Ethereum wallet to a new address funded by Tornado Cash. Later, Arkham Intelligence identified a collection of wallets labeled "binance-hacker-1029" holding approximately $5.84 billion in digital assets.
Binance co-founder Changpeng Zhao confirmed the hack and mentioned that Tether and Circle had frozen around $2.36 billion and $823 million, respectively. He assured that all user funds would be fully covered.
Reactions and Impact:
Shortly after the news, Tether and Circle froze over $2.36 billion and $823 million, respectively, in tokens linked to the hack. Polymarket, a prediction market platform, also faced a temporary trading halt due to a third-party provider compromise, later resolving the issue and reimbursing affected users.