Binance's latest update puts the estimated impact of its security breach at around $6.3 billion, with about $3 billion in affected…
Binance's latest update puts the estimated impact of its security breach at around $6.3 billion, with about $3 billion in affected assets frozen. Binance says that estimate may change as tracing continues. Deposits are operating normally again. Withdrawals remain paused for a security revamp, and Binance expects them to resume in about 45 hours.
The outside estimates add to the picture without settling it. Chainalysis estimated at least $5.9 billion had been stolen as of 8:30pm ET Thursday. Glassnode separately put the amount involved at $5.3 billion. These measure different things: frozen, total impact and estimated stolen. Nobody has reconciled them yet, so I'd hold off on treating any single figure as the answer.
The cause is still open too. Binance said its initial investigation pointed to a compromised DevOps engineer's laptop, but it has since found additional points of breach. It says it has seen no evidence of a wallet private-key leak, and the investigation continues.
Co-founder Yi He said Binance will cover "all hacking losses," and a spokesperson said user funds are "completely safe." I want that to be true. Still, it's a strong reassurance to give while the size of the problem is a range rather than a number and the breach points are still being mapped. The Washington Post described it as a breach that "may be the largest theft of cryptocurrency in history."
The detail I keep returning to is the stablecoin response. The BBC reports Tether froze around $1.6 billion and Circle more than $800 million. That likely helps contain the damage. It also shows how much control a couple of issuers hold over their own tokens when it counts, which is worth remembering the next time someone calls this system decentralized.
Sources:
BBC: https://bbc.co.uk/news/articles/cwg7xp8kx4v5o
Washington Post: https://www.washingtonpost.com/technology/2026/10/29/suspected-binance-hack-sets-off-scramble-lock-down-billions-crypto/
Reuters via New Straits Times: https://www.nst.com.my/amp/business/corporate/2026/10/1566698/binances-possible-hack-triggers-us3-billion-freeze-crypto-assets
Not financial advice. For informational and educational purposes only.
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