What Binance users should do right now following $6.3 billion hack

Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure .

Binance, the world's largest crypto exchange, said on Oct. 29 that a security incident affected $6.3 billion in customer assets, which would be the largest crypto hack ever. Binance co-founder Changpeng Zhao, who stepped down as CEO in 2023, said the theft "does look like a hack."

Binance has temporarily suspended all withdrawals and deposits and said it would cover all losses of an estimated $6.3 billion in digital assets using its Secure Asset Fund for Users and company reserves.

"Your assets are safe," Richard Teng, Binance co-CEO, said in a video statement on X , noting that stolen assets were in the process of being recovered.

Yi He, Binance co-founder and co-CEO, said that customer withdrawals should resume by Sunday in a post on X .

Tomas Sinicki, managing director at Coveron, an identity theft and scam protection service developed by Nord Security, offers this advice for crypto holders:

Never keep more on an exchange than you need for trading . Even the largest platforms can freeze withdrawals overnight, as Binance users just discovered. Long-term holdings belong in a wallet where you control the keys, as an exchange account is ultimately in someone else's hands.

Be skeptical of urgency, especially during market panic . Incidents like this are prime time for follow-up scams: fake "exchange support" messages and phishing emails promising to help recover funds.

Limit what a single compromise can unlock . Use unique passwords, enable multifactor authentication, and regularly revoke permissions for apps and services you no longer use — so one breached account or device cannot cascade into everything else.

Know what of yours is already exposed . Credentials and personal data from past breaches circulate on the dark web, and crypto holders are high-value targets. Continuous monitoring tells you what is out there before an attacker uses it.

Act fast on alerts . In fast-moving incidents, speed determines how much can be contained. The same is true for individuals: The sooner you respond to a breach or fraud alert, the more you can limit the fallout.

Binance advised customers to "rely only on official Binance channels for updates" and to contact Binance customer support with any further questions.

Sinicki says that the full details of the incident aren't known yet and may not be fully disclosed for some time.

"Even what is confirmed so far points to a familiar pattern," Sinicki said in a statement. "If reports are accurate, attackers compromised a single employee's laptop and used the legitimate access it held. That should tell every organization where the real perimeter now sits. Criminals no longer break in, they log in."

On X, Binance said, "Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer's laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified."

Binance has said it will reimburse customers, but Sinicki cautions that much is still unknown.

"Much of this story is still uncertain: the final losses, the number of breach points, even who is responsible," Sinicki said. "That uncertainty is itself the lesson: by the time the facts are settled, the damage is done. Binance can freeze assets and promise to cover losses because it has billions in reserve and traceable transactions."

Teng, Binance co-CEO said on X , "We never use any customer funds, so they are not impacted. What was affected in this incident was Binance's own hot wallet. User assets are held under Binance's established security architecture. The vast majority sits in cold wallets, and are only moved into a hot wallet when a user makes a withdrawal."

Taking preventative measures with your digital investments

Bryan Courchesne, founder and CEO of DAiM, a wealth management firm specializing in crypto, says incidents like this should remind investors that security and custody design matter, especially as digital-asset markets mature and attract more sophisticated adversaries.

"At the same time, the industry has repeatedly shown an ability to contain damage, make users whole, and continue growing. Licensed platforms with strong cold-storage practices and transparent reserves have a solid track record, and the long-term case for Bitcoin as a scarce digital asset remains intact," Courchesne said. "Markets have digested similar events before and ultimately moved higher."

Courchesne said crypto investors should:

Rely only on official communications from the platform (app, verified email, or website).

Review personal account security: Use strong unique passwords, hardware-based 2FA where possible, and limited device access.

For material long-term holdings, evaluate whether a regulated, qualified custodian or professionally managed structure with transparent cold-storage practices better fits their needs.

Maintain a long-term perspective. Past exchange incidents that were properly contained and made whole have not derailed the broader Bitcoin adoption thesis.

Panic-sell core holdings or move assets in haste to unverified destinations.

Click on links in unsolicited emails, texts, or social messages claiming to "help" recover funds or "secure" accounts — phishing spikes after these events.

Share seed phrases, private keys, or remote-access credentials with anyone.

Ignore basic operational hygiene (device security, access controls, and understanding where the majority of assets actually sit).

How to keep your crypto safe after Binance hit by record $6.3 billion hack

From exchanges to cold storage, learn practical ways to safeguard your crypto, secure your accounts, and avoid costly mistakes.

Not your keys, not your coins: Why a self-custody wallet makes sense for crypto investors

Not your keys, not your crypto: Understand the risks of custodial wallets and why self-custody is essential for serious crypto investors.

The 7 best crypto exchanges in 2026: Our top picks after hands-on testing

Not all crypto exchanges are as affordable or as safe as they appear. We tested popular U.S. platforms to find the most cost-effective and secure options for every type of buyer.

How to navigate a crypto meltdown: 'Be willing to hold on'

Financial advisors are reversing course on cryptocurrencies as an investment. So what happens when the next crypto crash occurs?

8 common crypto scams and how to avoid them

Learn the most common crypto scams in 2026, and the practical steps you can take to keep your money safe.

How to use your crypto: A user's guide to transacting safely

Learn how to use crypto safely with our comprehensive guide to self-custody. Discover the best practices for managing your wallet and transacting.