Binance hack leads to $6.3 billion loss, stablecoin supply falls as withdrawals spike

Binance, one of the world’s largest cryptocurrency exchanges, reported a major security incident on October 29, 2026, when its hot wallets were compromised, resulting in the theft of approximately $6.3 billion. The exchange stated it had secured more than $6.34 billion through its SAFU fund and corporate treasury to cover the stolen assets. On October 29, Binance acknowledged the breach and put the estimated casualty at $6.3 billion. The following day, it confirmed that customer funds would be covered in full and announced that $3 billion had already been frozen on-chain by various partners, according to data provider Bitquery.