Binance Estimates Security Incident Impact at $6.3 Billion

Binance estimated its security incident had a total impact of about $6.3 billion and said about $3 billion had been frozen on-chain, underscoring the scale of the event as the exchange pledged to cover all losses. In its Oct. 30 update, Binance said it would cover losses through its SAFU fund and company funds. It also said it suspended deposits and withdrawals during security checks and revoked the affected address’s authorization. An Ethereum transaction at 4:20:59 p.m. ET Oct. 29 carried 50 EIP-7702 authorizations for Binance 14, covering consecutive nonces from 18,914,775 to 18,914,824. One matched; 49 did not.