In brief
Binance has announced a security incident that led to the freezing of roughly $3 billion in on‑chain assets and a temporary halt to withdrawals. The exchange has earmarked more than $6.34 billion in reserves, including a Secure Asset Fund for Users, and vowed to reimburse any user losses. Reporters across the globe report differing amounts of frozen assets, ranging from $2.54 billion to $3 billion, and an estimated $6.3 billion in total affected crypto assets.
Poland-based cryptocurrency exchange Binance announced early on Saturday that it is dealing with a security incident, freezing a significant portion of on‑chain tokens and promising to reimburse every affected user.
Binance said that it had already set aside more than $6.34 billion in reserves, including its Secure Asset Fund for Users. The company confirmed that $5 billion of the reserve was held in the exact tokens that were impacted, and that it had frozen approximately $3 billion in on‑chain assets with industry partners. It also stated that the investigation found no evidence of private‑key leakage and that normal trading activities were unaffected. The platform has temporarily suspended withdrawals while it overhauls the services and has revoked authorizations on the affected addresses, working together with law‑enforcement agencies, token issuers, and blockchain intelligence firms to trace and recover the assets.
"Your funds are safe; Binance is covering the impact of this incident, not you," the exchange said in a statement to users.
The report was carried by Anadolu Agency, which provided the detailed figures and the company’s commitment to publish a technical post‑mortem report once the investigation concludes. The agency also noted that Binance would release an updated proof‑of‑reserves report to confirm user balances.
In a separate coverage, the Daily Guardian reported that Binance had frozen $2.54 billion in assets as it probed the security incident. The Guardian’s figure differs from the $3 billion noted by Constantin‑based Anadolu Agency, but the overall narrative remains that a substantial portion of user holdings has been immobilized.
According to a snippet from a source titled “Binance Security Incident Highlights Cybersecurity Risks in …” posted 10 hours ago, the incident, first reported on 29 October 2026, involved an estimated $6.3 billion in crypto assets, making it one of the largest reported security events in the cryptocurrency sector.
In a statement reported by WireIsrael, Binance co‑founder Yi He assured users that the exchange would cover all losses resulting from the hack: "Binance will cover all losses resulting from the hack," she told the outlet. While the link to the article is no longer available, the quote has circulated among cryptocurrency communities.
All reports converge on the fact that Binance is actively cooperating with law enforcement, blockchain partners, and its own intelligence teams to recover the affected tokens and restore normal services. The exchange has pledged to keep users updated on the progress of the withdrawal services and to provide a comprehensive technical post‑mortem once the investigation concludes.
