Approximately $6.3 billion affected, payouts stopped: What applies now and what you should do
The cryptocurrency exchange Binance has fallen victim to the largest known crypto hack to date. According to the company, assets worth approximately $6.3 billion have been affected, and withdrawals are temporarily suspended. Binance has announced it will cover all losses. Rogert & Ulbrich explains what customers should know and do now.
What is known so far
On October 29, 2026, billions of dollars flowed from Binance's wallets within a short period. Binance confirmed the attack and estimated the damage at approximately $6.3 billion. Initial estimates from analysts ranged between $5.3 and $5.9 billion. Among the affected cryptocurrencies were Bitcoin, Ether, Tron, and the stablecoins USDT and USDC.
According to Binance's preliminary findings, the attacker gained access to an internal service via an employee's compromised laptop and initiated unauthorized withdrawals. The exchange stated that there is no indication that private wallet keys were stolen.
Around $3 billion of the stolen assets have now been frozen. Tether alone has frozen more than $1.5 billion USDT, and Circle more than $800 million USDC. Several analysis firms consider a North Korean group the likely perpetrator, but this has not been officially confirmed.
The situation is evolving. This article reflects the status as of October 30, 2026.
Do you have funds with Binance? Get an overview now and secure your proof of account.
What Binance has promised
Binance states that customer funds are safe. All losses from the hack will be covered by the exchange's SAFU fund and company resources. SAFU stands for Secure Asset Fund for Users, an emergency fund that Binance established in 2018.
Further commitments:
- Payouts: Deposits and withdrawals are suspended and will resume once the security vulnerability is closed. A specific date has not yet been set.
- Proof of reserves: Once the issue is resolved, Binance plans to publish a new statement of its reserves.
- Cooperation: The exchange says it is cooperating with law enforcement agencies and blockchain analysts.
These commitments are a statement from the company. Whether they will be fully honored will only become clear once payments are possible again. So far, however, there is no indication to the contrary.
Keep Binance's announcements for future reference. They may be important later when it comes to your claims.
What Binance customers should do now
Panic won't help, a clear approach will. We recommend these steps:
- Secure your account balance: Take screenshots of your balance and download the transaction history, if the app allows it.
- Save announcements: Secure official announcements from Binance regarding the hack, SAFU funds, and payouts.
- No panic selling: Those who sell during market turmoil realize losses. Whether that makes sense depends on your personal circumstances.
- Secure access: Change your password, check two-factor authentication, and verify approved payout addresses.
- Official channels only: Get all your information exclusively from the official Binance website and app.
Important: Binance will not call you or ask you to transfer your coins to a new wallet. Such calls are typical after major hacks.
Were you contacted by people claiming to be Binance employees after the hack? Break off contact and seek advice.
Your rights if payments are not made
You have a contract with Binance. The exchange holds your crypto assets and balances in safekeeping and is obligated to release them to you upon request. A hacker attack on the exchange's systems does not fundamentally change this obligation.
If withdrawals are permanently refused or only partially made, claims for restitution and damages may be considered. The applicable rules depend on the terms of service and which Binance company you have a contract with. Under certain conditions, consumers can also pursue their claims in courts at their place of residence.
At refused payouts by cryptocurrency exchanges It's usually advisable to first set a deadline in writing and document all responses. This isn't necessary yet, as Binance has announced the refund. However, if there are delays without a clear reason, you should take action.
Have you still not received your payment even after operations have resumed? Have your claims reviewed.
Rogert & Ulbrich – Your lawyers for problems with cryptocurrency exchanges
Rogert & Ulbrich represents investors in disputes with cryptocurrency exchanges and in Crypto fraud. The partners Dr. Marco Rogert and Tobias Ulbrich have extensive experience with platforms such as Binance and with the tracking of transactions on the blockchain.
We review your claims, enforce payouts and support you if you have become a victim of fraudsters after the hack.
Is your Binance balance blocked? Take contact and secure your claims.
