About $6.3B was drained from Binance hot wallets on Oct 29, mostly in around 20 minutes across 10 chains, which Binance and analysts describe as the largest crypto hack on record, topping the $1.5B Bybit hack.

Binance says the entry was a compromised DevOps laptop reaching a service container to submit unauthorized withdrawals, later adding more breach points and calling it a complex attack, with no evidence of a wallet private key leak so far.

Are user funds safe? Binance says yes. A spokesperson told Eleanor Terrett the drain came from one of its own hot wallets, that most customer funds sit in cold wallets, and that it can absorb the loss with its own money. Co-CEO Richard Teng said deposits work normally and losses will be covered from SAFU plus company funds.

Frozen so far is about $3B on-chain, per Binance, up from $2.54B overnight, via issuers and partners. That means blacklisted in place, not yet recovered. Binance says it has begun recovering assets, has reserved over $6.34B of company funds, with $5B already held in the impacted tokens and the rest being bought via market and OTC.

Withdrawals remain paused for a withdrawal-service revamp, expected back in about 45 hours from the Oct 30 update, while outflows stopped when withdrawals were paused. Bitcoin traded near $76.6k on Binance spot at 19:39 UTC Oct 30, down about 5.2% in 24h.