Binance Hack? Withdrawals Paused, What We Know

Developing story, updated Oct 29, 2026, 7:00 PM ET. Everything below is as reported by the sources linked at the bottom. Binance has called this a "potential security issue" it is "actively investigating"; it has not published a final account, a cause or a loss amount.

Updated 7:00 PM ET Oct 29.

Are Binance withdrawals suspended?

Binance spokesperson Ross O'Leary told TechCrunch that Binance "temporarily suspended withdrawals on multiple networks following a security incident as a precautionary measure" (TechCrunch (external)). Binance has not said publicly which networks are affected or when withdrawals will fully resume. Check the official Binance app or announcements page for the current status.

Is Binance safe after the hack reports?

We can't tell you that, and no one outside Binance can verify it yet. Here is what has been said:

• Binance, at 5:16 PM ET: it had "not confirmed any impact to user funds" (Unchained via Yahoo Finance (external)).
• Binance, at 5:29 PM ET: "user funds are completely safe" (Unchained via Yahoo Finance (external); TechCrunch (external)).
• CZ, on X: "User funds are safe" and, as a shareholder, he expects all user funds "will be fully covered" (CoinDesk (external)). That is his expectation, not a Binance commitment.

The size of the outflows is not confirmed: TechCrunch says at least $2 billion; CoinDesk, citing Arkham, says more than $5.7 billion; CNBC says Arkham ties nearly $6 billion to 55 wallets (CNBC (external)).

Was Binance hacked, as CZ says?

Binance calls it a "potential security issue" it is "actively investigating." CZ said it "does look like a hack" (CoinDesk (external)). The attacker and the cause are unknown.

What should Binance users do right now?

• Use official channels only. Binance warned users "should not trust unofficial links, messages, or requests for account information" (TechCrunch (external)). Type binance.com yourself; don't click links in DMs, emails or search ads.
• Don't panic-click "withdraw now" or "claim refund" sites. Scams spike after exchange incidents. No real support agent needs your password, 2FA code or seed phrase.
• Turn on strong 2FA. Use an authenticator app or passkey/security key rather than SMS, and set an anti-phishing code in your account settings.
• Check withdrawal address whitelisting and recent login and device activity, and remove anything you don't recognize.
• Keep records. Screenshot your balances and open orders in case you need them later.
• Self-custody wallets: review and revoke token approvals you no longer use. Never sign a transaction a "Binance support" contact sends you.

FAQ

Are Binance withdrawals suspended right now? Binance told TechCrunch it temporarily suspended withdrawals on multiple networks as a precaution after a security incident. Check Binance's official app or announcements for the current status.

Are Binance user funds safe? Binance said at 5:29 PM ET that user funds are completely safe. We can't verify that, and the loss amount has not been confirmed.

Should I move my crypto off Binance? That's your decision, and this isn't financial advice. If withdrawals on your network are paused you may not be able to yet. Use only official channels and watch for scam links.

Trading the volatility?

Scam tokens follow big news. Run any Solana token through our free meme coin scanner before you buy.

More on the Binance security incident

• Binance Hack? ~$5.6B hot wallet outflows explained
• Was Binance hacked? CZ's response explained
• Binance hack reports: timeline, Tether and Circle freezes

We'll update this post if the facts change.

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