Binance suspends withdrawals after $6.3bn hack
Binance says hackers took about $6.3 billion from its hot wallets, suspending withdrawals as it sets aside company funds to cover losses and freezes assets.
The Today Crypto Editors
Binance suspended withdrawals after hackers stole about $6.3 billion from its hot wallets, leaving customers unable to move crypto off the exchange while it checks its systems. The exchange said in its October 30 security update that the breach began around 20:05 UTC on October 29.
**The pause affects access to funds even as Binance says customer losses will be covered by the company.**
Are Binance deposits and trading still available?
Binance says deposits and other unaffected platform services remain operational, while withdrawals are temporarily suspended during security checks. The company has not said trading is halted.
Binance is targeting a phased restart of withdrawals in about 34 hours, subject to completing its checks. That is a target, not a confirmed reopening time, so customers who need to transfer assets elsewhere should plan around the pause.
How much was stolen, and how will Binance cover it?
Binance says compromised hot wallets—wallets connected to the internet—lost approximately $6.3 billion in token assets. The exchange says it has set aside more than $6.34 billion in company funds, including $5 billion in the same affected assets, and is buying the remaining tokens through market and over-the-counter channels.
About $3 billion of affected assets had been frozen on-chain by October 30, Binance said. That money is being pursued for recovery; the freeze does not mean all of it has been returned.
The company says it will absorb the losses through its Secure Asset Fund for Users and corporate treasury. Binance also plans to publish a proof-of-reserves snapshot, with results expected by November 2, and says it will issue a technical post-mortem after its security review.
Who does the evidence point to?
Blockchain intelligence firm TRM Labs attributed the attack to TraderTraitor, which it identifies as a North Korean hacking unit. The Associated Press reported TRM’s assessment and said Chainalysis also considered the group a likely culprit; Binance says its investigation is ongoing.
Binance’s initial investigation suggested a compromised laptop may have been involved, but its later review found additional points of breach. The exchange said it had found no evidence that wallet private keys were leaked, and promised further technical findings once verified.
Sources
- October 30 security update — binance.com
- reported TRM’s assessment — apnews.com