Binance pledges to compensate users for $6.3bn hack

October 30, 2026 (MLN): Binance has pledged to cover all losses from a security incident with an estimated impact of $6.3bn, after freezing around $3bn in crypto assets so far.

The world’s largest cryptocurrency exchange said on Friday that its initial investigation points to a compromised laptop belonging to a DevOps engineer, which let an attacker reach a service container and submit unauthorized withdrawal transactions.

Binance co-founder Yi He said deposits were unaffected and continued to run normally, while the exchange works on improvements to its withdrawal service and related address controls. Withdrawals are expected to start resuming within the next 48 hours.

The exchange will make users whole through its Secure Asset Fund for Users (SAFU) and company funds, adding that customer funds remain safe.

It temporarily suspended deposits and withdrawals, revoked the affected address authorization, and brought in law enforcement agencies and blockchain intelligence firms to trace and recover the funds.

Binance said it has found no evidence of any wallet private key leak.

It plans to release a technical report and an updated Proof of Reserves after remediation, along with a detailed post-mortem once the investigation is complete and the facts are verified, according to CNBC.

Several crypto firms, including Circle Internet Group, Tether and Ripple, moved to freeze funds linked to the hack before the exchange issued its statement.

Currently, spot gold is down 2.93% to $78,380 an ounce as of [12:45pm] PST, according to data reported by Mettis Global.

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