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

[eddie13]

Im curious about how much of the freezable assets they were successfully able to swap into immutible assets and what choice is going to be made in the dilemma to keep them frozen and screw the defi protocalls into eating it or unfreeze it and make binance eat it..

My first thoughts are that binance should have to foot the bill, but that is also a risk that these defi users were knowingly taking if their is precident for frozen defi collaterals to be returned to the hack victim, in which case this is another large risk undertaken by defi lenders and should greatly reduce the collateral value of freezable assets if not make their collateralization completely untenable in anonymous code based execution destroying a lot of the practical utility of these freezable stable coins..

Can't trust ETH anything to be immutable either really because it wouldn't be the first time they rolled back..


All this talk about "atleast xxx amount was able to be frozen" might be right out the window and binance still has to eat it if those amounts were successfully swapped before freeze..

"Authorities" will do what they want but this either makes their freezable assets BS because they cant really freez them if they've already been used, or makes defi of freezable assets BS if your collateral can get frozen out from under you.. Both really because they could change their minds from one day to the next..

[Woodie]

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.

[promise444c5]

You all are calculating the SAFU like it’s transparent.. or where are you guys checking it  

If what you guys mean by SAFU is the SAFU fund, it's actually pretty transparent, even mentioned here https://www.binance.com/en/support/faq/detail/028799e730294ae4a9b382d60d350116 the bitcoin address holds 15,000 BTC approximately $1.1B which isn't enough to cover for the losses. Binance is going to reach deep into their pocket to make their user whole this time.

I'm curious what happen after this, their SAFU fund becoming 0 again? since from my understanding these fund was grown from small percentage of trading fees.

Appreciate the link.. obviously it’s the same SAFU everyone is talking about .

After checking the reserves , I noticed the USDC address has been emptied last year but the BTC address still has upto 15k in it, except that the market isn’t really worth the withdrawal at the moment. It looks like they have to use something else as leverage then cover it up in a bull market.. still really don’t know if that covers much.

According to them, they will publish a proof of reserves to reflect that use funds are safe. Let's wait for it then

Which one? Isn’t the SAFU the only reserve for funds loss as a result  Vunerability or “ other deficiency in Binance’s systems and/or security protocols”-Binance.

[Iranus]

I'm sorry but I am going to sound like a nasty bitch right now but I don't believe this, how much is Binance reserve itself? That 6 billion wouldn't drained them? If they can pay this big amount of money back they won't have anything left.

Binance is a private company, and they don't publish a balance sheet, so nobody can say for sure how much they're sitting on in reserves.

What they've made public so far is a SAFU fund of over $1B to protect users, and POR at close to $150B. And according to a Binance spokesperson, they're gonna cover the damage out of company funds.

https://www.thenationalnews.com/future/technology/2026/10/30/binance-pledges-to-cover-63bn-hack-losses-after-massive-crypto-theft/

And what they did with October 2025 is making me even more curious right now, maybe Binance did this themselves? Who is going to question them anyway? No one.

Why now Binance? Why October again? How much do you guys have in the reserve already? Binance is one of the biggest exchanges with the trigger to pull any stunts like this one.

No one really knows what's going on behind the scenes.

Once we've made up our minds not to trust someone, we'll keep coming up with theories to back up our suspicions. And no matter how much evidence is put in front of us, we'll still find a way to interpret it so it fits what we already believe. Hehee

[GxSTxV]

Once again we will remember the famous and most wise advice “never keep your assets in centralized exchanges”. It will take us time to know the whole correct story of what happened yesterday, a huge loss for binance is always dangerous to the whole crypto market since they hold significant positions of different cryptocurrencies.
The latest news are saying that this theft may have stemmed due to an engineer's compromised laptop of Binance’s team.

My simple question is how a one person can have this access to worth 6.3 billion dollars, isn’t it a bit weird? I mean if just someone knew about this person having this authority and laptop, it can be like the most easiest and biggest theft ever. Criminals killing people, fighting cops and doing plans just to steal less than 1% of that amount inside banks, this one can seem like a very easy task for them if they just can steal a laptop from a binance worker, correct me if I’m wrong.

[Cookdata]

He keeps acting like Binance is safe and secure from his tweets and often advises people to use the exchange. But there's no such thing as 100% safe in this industry. That platform he brags about won't be immune to hacking either.

This man is everywhere, the first tweet that came out of his mouth was "I no longer manage Binance bullshit", and now I saw him on TV interview granting answers. Where is the CEO since yesterday? Richard couldn't give an official statement since yesterday until after 8 hours with SAFU gimmicks, while CZ was active give tweets and thanking the industry for freezing stable coins across different chains, these people are not real. I still believe he still manage Binance but he continues to fool the public.

For now, the deposits are open, internal withdrawals are enabled but on chain withdrawals are disabled. This people are unbelievable. The industry attacked Bybit last year for freezing withdrawals for some hours, they did the same with Bitget but they draw the line with Binance, this is not just double standard, I feel some influencers are paid well from Binance wallet to defend them in times like this.

[arallmuus]

Im curious about how much of the freezable assets they were successfully able to swap into immutible assets

The amount of freezeable asset the attacker managed to swap? Its around $729M according to Bitquery source that I found. It was swapped to ETH and TRX

All this talk about "atleast xxx amount was able to be frozen" might be right out the window and binance still has to eat it if those amounts were successfully swapped before freeze..

The source that I found stated its $729M but the real number could be closer to $1B once the full report stated. An estimation of atleast $3B will be the amount that Binance has to eat. Their SAFU funds estimated to be around $1B but its 100% in bitcoin so there is no way that they are going to dump their bitcoin for this

Its a huge loss but Binance will be able to cover it out of their pocket but again its gonna be a dig deep on their pocket which would hurt their business projection

[rbynxx]

This man is everywhere, the first tweet that came out of his mouth was "I no longer manage Binance bullshit", and now I saw him on TV interview granting answers. Where is the CEO since yesterday? Richard couldn't give an official statement since yesterday until after 8 hours with SAFU gimmicks, while CZ was active give tweets and thanking the industry for freezing stable coins across different chains, these people are not real. I still believe he still manage Binance but he continues to fool the public.

For now, the deposits are open, internal withdrawals are enabled but on chain withdrawals are disabled. This people are unbelievable. The industry attacked Bybit last year for freezing withdrawals for some hours, they did the same with Bitget but they draw the line with Binance, this is not just double standard, I feel some influencers are paid well from Binance wallet to defend them in times like this.

CZ will be active because he still owns it or has huge share of the company, he's not just the operator anymore but that huge shares is a no-brainer tbh. Glad the P2P is still open and I'd be damn not to out that or to anyone out there that still holds some assets. They may be vocal about that SAFU thing and being liquid or anything they say, it will have some snowball effect later on, I'm afraid it will considering it's probably the biggest hack we witness.

[Emjay24]

He keeps acting like Binance is safe and secure from his tweets and often advises people to use the exchange. But there's no such thing as 100% safe in this industry. That platform he brags about won't be immune to hacking either.

This man is everywhere, the first tweet that came out of his mouth was "I no longer manage Binance bullshit", and now I saw him on TV interview granting answers. Where is the CEO since yesterday? Richard couldn't give an official statement since yesterday until after 8 hours with SAFU gimmicks, while CZ was active give tweets and thanking the industry for freezing stable coins across different chains, these people are not real. I still believe he still manage Binance but he continues to fool the public.

What do you expect, he's not managing Binance currently, but he controls it since he's the largest shareholder there, owning 90% of the company according to Forbes, so he's still actively a part of Binance.

It's better we make it clear, CZ is Binance, Binance is CZ, the rest are mere formalities.

Meanwhile Aave is setting some currencies as LTV 0 since it's possible the hackers would come back to borrow again against stolen funds.

As a continued precaution, USDT, USDC, USDT0, POL, WAVAX, sAVAX, XAUT, PAXG, and OP will temporarily remain at an LTV of 0 so they can’t be used as collateral for new borrows.

Link

[Lucius]

This man is everywhere, the first tweet that came out of his mouth was "I no longer manage Binance bullshit", and now I saw him on TV interview granting answers. Where is the CEO since yesterday? Richard couldn't give an official statement since yesterday until after 8 hours with SAFU gimmicks, while CZ was active give tweets and thanking the industry for freezing stable coins across different chains, these people are not real. I still believe he still manage Binance but he continues to fool the public.
~snip~

We know who's boss, regardless of whether he's put some clown in a position where he plays the useful idiot. He can say whatever he wants, but the fact is that you have to be a complete idiot to keep that many billions in hot wallets.

People who still believe that they will lose their coins if they keep them in non-custodial wallets should continue to listen to their crypto messiah - it is only a matter of time when the loss will be in the tens of billions and there will be no fund that can compensate for the damage.

[BALIK]

This man is everywhere, the first tweet that came out of his mouth was "I no longer manage Binance bullshit", and now I saw him on TV interview granting answers. Where is the CEO since yesterday? Richard couldn't give an official statement since yesterday until after 8 hours with SAFU gimmicks, while CZ was active give tweets and thanking the industry for freezing stable coins across different chains, these people are not real. I still believe he still manage Binance but he continues to fool the public.

What do you expect, he's not managing Binance currently, but he controls it since he's the largest shareholder there, owning 90% of the company according to Forbes, so he's still actively a part of Binance.

It's better we make it clear, CZ is Binance, Binance is CZ, the rest are mere formalities.

Adding to that, besides CZ owning 90% of Binance, his wife YiHe is also co-running the place with Richard Teng. She's been co-CEO since December 2025.

So it's hardly surprising, nor is it any secret, that CZ is still pulling the strings behind the scenes at Binance. And both co-CEOs have already spoken out about the incident and pledged to cover the losses.

[Russlenat]

I thought I would not be able to transact on Binance today. When I saw that deposits were functional, I tried to deposit some crypto and then cash out through P2P and it worked. So I'm happy that this service was not affected, hopefully everything will be restored to normal soon. ( just sharing my experience, in case there are some who wants to transact using p2p)

[uchegod-21]

I am not affected by the Binance hack, but I am aware that lots of people have been affected by it. If this teaches us anything, it should remind us of the slogan, "Not your keys, not your coins." If there is anyone who still thinks that self-custody is difficult, then this hack should show them how risky third-party custody can be. People never learn; this is another opportunity for everyone to learn.

Even though I am not affected by the hack, I am still hopeful that withdrawals will be enabled because people I know have been affected.

[stompix]

Yup, funds are SAFU! LOL....

Mainly because a ton of money has been frozen and because the hack didn't actually touch the main wallets, just the hot wallet.
And even if the sums are above the SAFU funds, what is stopping Binance to use the other deposits to cover this sum and just pray not eveyone will try to withdraw their money? Cause if all users will try this now there is no way in hell Binance actually has the coins to honor all withdrawals.

Remember CZ has always been a critic al of the MiCA requirement to keep user deposits separate and never play with them like Monopoly money!

People who still believe that they will lose their coins if they keep them in non-custodial wallets should continue to listen to their crypto messiah - it is only a matter of time when the loss will be in the tens of billions and there will be no fund that can compensate for the damage.

People will get compensated if there are enough to trust CZ with this and lend him the money in deposits; if not...funds are GOONIES!

[tabas]

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.

Their devOps engineer fell for that? I can't believe that, although we can make mistakes and have some unforeseen action but that guy works for a big exchange to do that mistake of falling for likely a phishing email and that devOps engineer clicked that. But with the other possible scenario that I've about how it was compromised like that guy just left his laptop and some guy had accessed it. I don't know which story and fall off guy they're going to make believable because I don't believe that's how it went.

[Synchronice]

Where is that guy who was saying your funds are SAFU? Lesson after lesson. I don't think that I'll really ever touch anything besides air-gapped computer and if I use exchange, I'll try to immediately deposit, exchange and withdraw small amounts. Things are getting really scary recently.

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.

The craziest thing is, how was the attacker able to compromise that laptop? But it's also crazy that one person had that much control over coins. I was always curious about how companies like Binance take care of their wallets and as it seems, they are as stupid as they can be.

I don't understand why they don't invest heavily into cyber security. You lose billions anyway because hacks happen and simply invest those billions in cyber security. I feel like all companies save themselves on spending money for cyber security.

[Z-tight]

Where is that guy who was saying your funds are SAFU? Lesson after lesson.

Lol, SAFU is not a security measure to protect funds from hacks, but an emergency reserve funds to cover situations like this. However, people who actually believe that funds will always be SAFU in every situation are kidding themselves, it is just a term to lure people into being comfortable depositing their funds into binance and leaving it there.

[promise444c5]

I thought I would not be able to transact on Binance today. When I saw that deposits were functional, I tried to deposit some crypto and then cash out through P2P and it worked. So I'm happy that this service was not affected, hopefully everything will be restored to normal soon. ( just sharing my experience, in case there are some who wants to transact using p2p)

With P2P the money isn’t leaving Binance the buyer pays you in fiat while you move an exact figure from your account to his own account or vice-versa .

Nothings is going out.. it’s an internal transaction and not on-chain.  The onchain transaction has been frozen suspended since yesterday.

They could have just put service temporarily unavailable till instead of allowing users to send only to see “processing”.

I got a message today though, “ your funds are safe” lol! don’t need a reminder ..

[Dogedegen]

"Authorities" will do what they want but this either makes their freezable assets BS because they cant really freez them if they've already been used, or makes defi of freezable assets BS if your collateral can get frozen out from under you.. Both really because they could change their minds from one day to the next..

Most of it was frozen before it reached DeFi, the amount that reached DeFi is very small and is not a concern. The money will be returned to Binance by the issuers, it will just take time. Basically Binance has confirmed they will not wait for this and will fill the gap with their own money so that the users do not need to wait for the lengthy processes of recovering the frozen funds. Since that can take weeks or months depending on the case complexity. So they went all in with their restoration efforts, better than almost all service providers that I have seen and they still get bad comments..

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..

This is a misunderstanding how security works and how attacks are done, that is why so many people rush to conclude false things from a single piece of information. In this case this was just one of the many points of access that was used to explore the corporate network and infrastructure. That does not mean that the single developer had access to sign off on billions worth of transactions.

and why not use a multisig wallet to authorize such big transactions or manual reviews??

My dear people, it is because they are rich beyond your comprehension. Do you ask your family members for a written signature before you spend $20 with your bank account?? I know that you don't because it is an inconvenience and you feel confident that $20 is not a big risk to you. They are doing the same, just your $20 is billions to them. Sure they need to add some anomaly detection systems to avoid this kind of thing in the future or at least limits the impacts, but you need to face the reality and not criticize others falsely.

The craziest thing is, how was the attacker able to compromise that laptop? But it's also crazy that one person had that much control over coins. I was always curious about how companies like Binance take care of their wallets and as it seems, they are as stupid as they can be.

t seems that many users don't understand security at all. Machines are compromised all the time, it happens on a daily basis in the world. What is crazy about that? Do you think that everyone who works with computers such as a devops engineer is good at cyber security?  

I don't understand why they don't invest heavily into cyber security. You lose billions anyway because hacks happen and simply invest those billions in cyber security. I feel like all companies save themselves on spending money for cyber security.

You don't know how much they are investing into cyber security, and even the biggest tech companies in the world with the biggest resources get hacked. There is not a point like where you put enough money and now you can't be hacked anymore. The difference between major tech companies and this is that they don't have crypto that can be taken like this in a hit and run attack.

Polymarket hacked? Do you have a link to that? How is it possible to compromise with EIP 7702?

The thread about polymarket hack is in the service discussion board. Yeah, the hackers gained access to a binance employee's laptop and deployed a delegation directing binance 14 to work on a malicious smart contract. They were able to generate and gain valid signatures for 50 consecutive nonces ranging from 18914775 - 18914824 to get the exact nonce for the hot wallet. One of the 50 signatures bundled to a single  EIP - 7702 type 4 transaction, matched the exact nonce for the hot wallet, so they grabbed the code behavior of the hot wallet using an External owned account.

I was talking about the Bitcoin part, and it seems that the focus on the EIP initially was wrong. It was just part of the attack vector and it is not possible to use EIP to steal Bitcoin. Which means the larger exploit is about the compromise of the signing infrastructure, which was confirmed since my posts..

[nelson4lov]

~Snipped

"Authorities" will do what they want but this either makes their freezable assets BS because they cant really freez them if they've already been used, or makes defi of freezable assets BS if your collateral can get frozen out from under you.. Both really because they could change their minds from one day to the next..

People say the freeze is good and useful for situations like this but the cons far outweighs the pros in this context because Tether and Circle can just decide to freeze anybody's assets whenever they want.

Lol, SAFU is not a security measure to protect funds from hacks, but an emergency reserve funds to cover situations like this. However, people who actually believe that funds will always be SAFU in every situation are kidding themselves, it is just a term to lure people into being comfortable depositing their funds into binance and leaving it there.

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 system can be 100% secure right now so it's good to know there's a chance to be made whole whenever shit hits the fan like it did yesterday.