BINANCE - BIGGEST HACK EVER, $6.3 BILLION WORTH OF ASSETS STOLEN [UPDATED]

[ultrloa]

The fact that the SAFU fund is worth ~$1 billion doesn't matter at all. What's important is trusting CZ when he says that the funds are safe and that people should keep their money on centralized exchanges (preferably Binance ofc).

As CZ said, users' funds are unaffected, which means nothing to worry about. But this reminds us how secure it is to store our funds in exchanges. Although this hack not only affected the whole market, it hurt me as well. I don’t have much funds on Binance; I won’t regret even lost it. But still don’t expect such an accident.

However, I appreciate how Binance handles such accidents. They often try to cover the losses, and users always stay unaffected. From our end, we have to be careful about using centralized exchanges. Not a large amount should be stored in the exchanges. So you can stay calm like me even during this kind of hacking.

Actually despite of the hacking issue to them I appreciate their efforts to give an update to their clients.

Also they made this incident report to give a assurance that they can handle this situation so well, then the funds all user funds is safe.





This situation happening to them indicates, its really good to use the services of reputable platform like them. Since they take responsibility if there's bad incident happened.

Also yeah we should not store large amount on exchange, because we don't know how long they can continue to support their clients in times of crisis.

[Emjay24]

The timeline given by Binance in their email direct align with their X posts, they stated withdrawals would be restored in 48 hours, replied 45 hrs to an X user in the morning but their email carries' over the next few days". I think withdrawals might take longer.

Here's the email extract

What you'll hear from us next

We're committed to keeping you updated on three things over the next few days:

Withdrawal status: as soon as service is safely restored.

Our full incident report: a detailed technical post-mortem, published once the investigation is complete and every fact is verified.

Proof of Reserves: published after remediation, so you can verify for yourself that no user balance was affected.

[coupable]

In the history of hacks, this is one of the fastest I have seen. Tether and Circle take action, which is impressive. At least centralized tokens have somehow been useful; out of the $2.5 billion, $1.8 billion has already been frozen (that is, if that’s the only stolen amount).

The precise value of the compromised assets is still unknown to us. One of the above responses states that more than $5 billion has been compromised in relation to Binance hack today. Without an official statement, who should we trust right now? Also the loopholes that lead to the incident are still unknown. It seems that Binance is considering social stigma as well.

There is already an official statement from Binance! that the total assets frozen at $2.54 billion, they say this will continue to grow more often time because all of it is still not confirmed with certainty.
- https://x.com/binance/status/2115947325617299903

The exploited Arkham Data is $5,875,640,491. https://arkm.com/explorer/entity/21a94755-f604-45e5-9501-6542e23005e8
Other Dashboar tracking you can see here. https://binance.lamps.works/

I got an email today from binance about the issue. There is quite a bit of info in there. They are not hiding anything about the incident and admit it to be a huge breach. Users with large balance in their account you can feel better after withdrawals have been stopped from the platform. They also said they will be providing more info but most importantly everybody’s funds are safe and no one has lost his savings. I wish it to be the last lesson for users not to rely on those platforms whatever how much they look trusted.

[Dogedegen]

I consider those SAFU funds to be a "nice to have". Without that measure in place, that hack would have destroyed a lot of users who use Binance and the damage to the overall crypto space and the image we always try to project about crypto will be larger. It's a good initiative to have and binance have been profitable for over a decade. As long as they maintain top 1 spot, SAFU funds will still be a thing.

No, this is definitely not correct. They are nice to have but without the SAFU funds no user would be affected in any way, the SAFU funds are more a marketing tool for people that do not understand businesses and are not able to analyze and establish a difference between new scam businesses run by incompetent people like FTX and professional businesses like Binance. Without $1 billion from the SAFU funds, Binance would just cover more of the losses from its own funds and nothing else would be different.

The timeline given by Binance in their email direct align with their X posts, they stated withdrawals would be restored in 48 hours, replied 45 hrs to an X user in the morning but their email carries' over the next few days". I think withdrawals might take longer.

Here's the email extract

What you'll hear from us next

We're committed to keeping you updated on three things over the next few days:

Withdrawal status: as soon as service is safely restored.

Our full incident report: a detailed technical post-mortem, published once the investigation is complete and every fact is verified.

Proof of Reserves: published after remediation, so you can verify for yourself that no user balance was affected.

Amazing response, and this is what I am talking about. They should be applauded and thanked for being like this, rather than looking for sneaky ways to criticize them in areas where they are weak when they are down. This is how every company in this space should behave, many omit as many details from the cases as long as possible to the public. Others even completely try to hide that they have been hacked if it is possible at all, this happens in traditional industries a lot too. Binance is much richer than many people want to admit..

[Taskford]

The precise value of the compromised assets is still unknown to us. One of the above responses states that more than $5 billion has been compromised in relation to Binance hack today. Without an official statement, who should we trust right now? Also the loopholes that lead to the incident are still unknown. It seems that Binance is considering social stigma as well.

There is already an official statement from Binance! that the total assets frozen at $2.54 billion, they say this will continue to grow more often time because all of it is still not confirmed with certainty.
- https://x.com/binance/status/2115947325617299903

The exploited Arkham Data is $5,875,640,491. https://arkm.com/explorer/entity/21a94755-f604-45e5-9501-6542e23005e8
Other Dashboar tracking you can see here. https://binance.lamps.works/

I got an email today from binance about the issue. There is quite a bit of info in there. They are not hiding anything about the incident and admit it to be a huge breach. Users with large balance in their account you can feel better after withdrawals have been stopped from the platform. They also said they will be providing more info but most importantly everybody’s funds are safe and no one has lost his savings. I wish it to be the last lesson for users not to rely on those platforms whatever how much they look trusted.

Lots of details sent by Binance thru email andd the next update what I'm waiting from them, base on what they write on their email are.

Withdrawals be fixed soon.

Their promised to released the full incident report.

Also that interesting thing about showing their proof of reserve, so anyone can verify

What's really important here is the funds of their user is SAFU, that's why this hacking incident didn't cause much panic to people. Because maybe they know Binance can handle this situation.

[shinratensei_]

I don't know how cooked up this story is from Binance, how is it possible a single user is supposed to have this much control by one user without authorisation from the higher ups looking at the amount involved.. and why not use a multisig wallet to authorize such big transactions or manual reviews??

On this one Binance @#&£ up and it's good that they have taken responsibility of their loss and not passing it onto their users.

Kinda expected Binance to have some kind of highly isolated, work only laptop for Devops purpose tbh, it's ridiculous how average crypto guy of today can have specific device for their wallet, web3 interaction, other things yet a multibillion company never think of doing that? A compromised Devops' laptop enable the hacker to submit transaction and vaporize billions in just few hours is crazy work honestly, in my opinion it's worse that exploit on their infrastructure.

Binance is now saying that someone got access to a DevOps engineer’s laptop that allowed them to submit unauthorized withdrawal transactions. Binance also stated that no evidence of any wallet private key was leaked.
Withdrawals/Deposits are still paused within the platform, and the estimated total amount is now at $6.3B.
Source: https://x.com/binance/status/2115993361517891592
^{Looks like someone will get axed. lol}

Lost million dollar, the employee is getting sued, lost billions dollar, I wonder what'll happen to the employee

[RGBTC]

Are these tokens included in the $6.3B loss? The exploiter sent them to a smart contract from  which they can no longer be recovered, Whether by accident or simply as a "cleanup" operation, it’s hard to say for sure.

Earlier today, the attacker behind the recent @binance exploit, apparently in error, sent approximately 8.0M NEWT directly to the NEWT token contract address (0xd0ec028a3d21533fdd200838f39c85b03679285d), along with 17 other tokens: $ANIME,
$ANKR, $ARPA, $BARD, $CELR, $DENT, $DOLO, $FTT, $GLM, $HIGH, $HOT, $KNC, $LQTY, $RARE, $RESOLV, $SIGN and $WOO. These tokens are worth roughly $3.5 million at current prices.

https://x.com/i/status/2116152759494062282

[ultrloa]

Are these tokens included in the $6.3B loss? The exploiter sent them to a smart contract from  which they can no longer be recovered, Whether by accident or simply as a "cleanup" operation, it’s hard to say for sure.

Earlier today, the attacker behind the recent @binance exploit, apparently in error, sent approximately 8.0M NEWT directly to the NEWT token contract address (0xd0ec028a3d21533fdd200838f39c85b03679285d), along with 17 other tokens: $ANIME,
$ANKR, $ARPA, $BARD, $CELR, $DENT, $DOLO, $FTT, $GLM, $HIGH, $HOT, $KNC, $LQTY, $RARE, $RESOLV, $SIGN and $WOO. These tokens are worth roughly $3.5 million at current prices.

https://x.com/i/status/2116152759494062282

Base on reports written here https://www.chaincatcher.com/en/article/2300449

Also this https://blockchain.news/flashnews/newton-foundation-binance-hacker-tokens-permanently-lost

The Newton Foundation stated that the attacker in the Binance theft incident seemingly made an operational error earlier today, transferring approximately 8 million NEWT and 17 other tokens directly into the NEWT token contract address, with the total value of the related tokens amounting to about 3.5 million USD at current prices. This includes tokens such as ANIME, ANKR, ARPA, BARD, FTT, LQTY, SIGN, and WOO.

So that means those assets are included, but unfortunately it seems that Binance cannot recover that missing funds anymore.

I think they are going to focus on the assets which have they have bigger chance to retrieve.

[Juse14]

Base on reports written here https://www.chaincatcher.com/en/article/2300449

Also this https://blockchain.news/flashnews/newton-foundation-binance-hacker-tokens-permanently-lost

The Newton Foundation stated that the attacker in the Binance theft incident seemingly made an operational error earlier today, transferring approximately 8 million NEWT and 17 other tokens directly into the NEWT token contract address, with the total value of the related tokens amounting to about 3.5 million USD at current prices. This includes tokens such as ANIME, ANKR, ARPA, BARD, FTT, LQTY, SIGN, and WOO.

So that means those assets are included, but unfortunately it seems that Binance cannot recover that missing funds anymore.

I think they are going to focus on the assets which have they have bigger chance to retrieve.

This means that this is considered a token that is simply lost, like a token payment at a dead address but this is to a NEWT smart contract that no admin has access to, thank God, rather than by hackers taking it.
Maybe Binance will focus on recovering stablecoins frozen by centralized entities, which is quite a large amount, while some other altcoins I do not know, some Arbitrum reports also freeze funds in the amount of $30m if not mistaken.

[Rikafip]

However, I appreciate how Binance handles such accidents. They often try to cover the losses, and users always stay unaffected.

That's really least that they could do, since its their fault that hack happened in the first place. Users were unaffected this time, but what would happen if instead ~6 billion, 50 billion was taken? Would users still stay unaffected?

Problem is that CZ said multiple times that for 99% of the people, its better to keep money on the exchange instead in their own wallets.

[terrific]

I got an email today from binance about the issue. There is quite a bit of info in there. They are not hiding anything about the incident and admit it to be a huge breach. Users with large balance in their account you can feel better after withdrawals have been stopped from the platform. They also said they will be providing more info but most importantly everybody’s funds are safe and no one has lost his savings. I wish it to be the last lesson for users not to rely on those platforms whatever how much they look trusted.

I've also received that security incident update from them. It's nice that they have updated the breach.
With these types of emails, messages and even on social media posts, this is a way to calm their users.
While I am giving them that praise for how they're taking this situation. Users who have got funds in the exchange shouldn't even have it there in the first place.
I have funds sitting there but it's probably just a number right now unless the fund that they'll use to cover is there already and they allow the withdrawals.

[Z-tight]

I have funds sitting there but it's probably just a number right now unless the fund that they'll use to cover is there already and they allow the withdrawals.

You say people who have funds there shouldn't have had it in there, but then tell us that you also do, lol. Self custodial storage is the recommended way to store crypto, but people would always have funds stored in custodial services for different reasons, and i think i've come to accept that. However, the smart thing to do is to keep only a small amount of your crypto in these custodial platforms, if you must use them.

[Oshosondy]

I have funds sitting there but it's probably just a number right now unless the fund that they'll use to cover is there already and they allow the withdrawals.

You say people who have funds there shouldn't have had it in there, but then tell us that you also do, lol. Self custodial storage is the recommended way to store crypto, but people would always have funds stored in custodial services for different reasons, and i think i've come to accept that. However, the smart thing to do is to keep only a small amount of your crypto in these custodial platforms, if you must use them.

I have about 10% of my coins on exchanges. I do not wish to have it there, but no alternatives like exchanges that I can use for trading. This has been the reason I have 10% of my coins on exchanges. Not even on a single exchange, I divided the coins into six and put it all on six exchanges that have protection funds. 90% of my coins are on noncustodial wallets. There are reasons people can use exchanges, but not all their coins should be on the exchanges.

[coupable]

I got an email today from binance about the issue. There is quite a bit of info in there. They are not hiding anything about the incident and admit it to be a huge breach. Users with large balance in their account you can feel better after withdrawals have been stopped from the platform. They also said they will be providing more info but most importantly everybody’s funds are safe and no one has lost his savings. I wish it to be the last lesson for users not to rely on those platforms whatever how much they look trusted.

I've also received that security incident update from them. It's nice that they have updated the breach.
With these types of emails, messages and even on social media posts, this is a way to calm their users.
While I am giving them that praise for how they're taking this situation. Users who have got funds in the exchange shouldn't even have it there in the first place.
I have funds sitting there but it's probably just a number right now unless the fund that they'll use to cover is there already and they allow the withdrawals.

Don't be that nervous about your money. They will recover it from both their own reserves and SAFU. After the FBI and corporate partners' investigations are concluded, I suppose withdrawal procedures will resume as usual. I think they must have enough money to cover all the loss. You actually made a risky error by keeping your money in the exchanger, but I'm just telling you that to calm you down. I hope this is the lesson you've been waiting for to realize how naive you were.

[sergiorus]

UPDATE #3

90% of Stolen Assets Replenished; Proof of Reserves Snapshot Provided

Source: https://x.com/binance/status/2116538196259684457



The main problem is not even the loss of funds here. It is the loss of trust.

Once they open the withdrawals there's probably gonna be a massive bank run.

After all there's no reason to keep using Binance when there are at least 3 alternatives that have never been hacked and are liquid enough - Coinbase, OKX, Kraken.

Staying with Binance for many would be risk without incentives.

[OmegaStarScream]

-snip-
Once they open the withdrawals there's probably gonna be a massive bank run.

The less time they take to enable the withdrawals again, the less likely people it is for people to look for another alternative in my opinion. From the article above:

Our next milestone in focus is resuming the withdrawal services for users. We remain on track to reopen withdrawals within our previously stated timeframe (on Sunday, 2026-11-01) and will provide a further update as soon as details are confirmed.

So if they do follow through with this, I doubt we would see anything similar to FTX.