Binance says hot wallets were drained on Oct 29 with an estimated impact of about $6.3B, which would make it the largest crypto theft on record. Binance first blamed a compromised DevOps engineer's laptop reaching a service container to submit unauthorized withdrawals, then said investigators found additional breach points in a complex attack.

Binance says hot wallets were drained on Oct 29 with an estimated impact of about $6.3B, which would make it the largest crypto theft on record. Binance first blamed a compromised DevOps engineer's laptop reaching a service container to submit unauthorized withdrawals, then said investigators found additional breach points in a complex attack.

About $3B is frozen onchain so far, up from $2.54B, with help from issuers and partners, while deposits work normally and withdrawals stay paused for a security revamp expected back in about 45 hours. Binance says outflows stopped when withdrawals were paused and user funds are safe.

On losses, Binance says it reserved over $6.34B of company funds, with $5B already held in the exact impacted token assets, and is buying the remainder via market and OTC channels to match the shortfall. Co-founder Yi He said SAFU and Binance holdings include large BTC and ETH, and they are buying all stolen altcoins in fully matching amounts for proof of reserves, with another update once purchases complete.

The figures exclude frozen assets still subject to recovery. Claims in forwarded posts that the full sum is already covered and withdrawals return in under 2 days repeat Binance's pledge, not a completed buyback.