Binance confirms: Biggest hack in crypto history

Binance has now confirmed the full scale of the hack that hit the exchange on 29 October: a financial loss of around $6.3 billion. That makes it by far the largest security breach in the history of the crypto industry, turning the attack from a preliminary analyst estimate into a figure the exchange itself stands behind.

More than double the previous record

With $6.3 billion in losses, the Binance hack overtakes the 2020 LuBian attack, which until now was the second-largest with $3.5 billion in stolen funds. The 2025 Bybit hack, at $1.46 billion, and the 2022 Ronin Network attack, at $625 million, fall far behind. The loss is, in other words, more than double any previous attack in the industry.

Cause still under investigation

Binance says the investigation into how the attacker gained access is still ongoing, and that several breach points have been uncovered without the exchange confirming where. "This was a complex attack, and we are doing everything we can alongside law enforcement and prosecutors to resolve it. We are still gathering facts and will share more directly as we have it," the exchange said in a statement.

Around $3 billion frozen

Of the total, Binance says around $3 billion in affected assets has been frozen in cooperation with blockchain partners. The exchange stresses that it will only share confirmed figures going forward.

Covering the loss itself, promises full report

Binance says it will cover all losses through the SAFU fund, the security fund built specifically for such incidents, in addition to the company's own funds, and that customer funds are safe. The exchange also says it will publish a detailed technical review of the incident once the investigation is complete and facts verified, along with an updated Proof of Reserves once remediation is finished.

Sources: Binance, ABC News, WallStreetBets

‍