# Binance hack hits $6.3 billion: engineer's laptop blamed, all withdrawals frozen

Source: Searchable (https://searchable.pk/news/crypto/binance-hacked-withdrawals-paused-after-up-to-dollar57-billion-drained-dollar25)
Type: News article
Author: Searchable Editorial
Published: 30 Oct 2026
Updated: 30 Oct 2026
Retrieved: 30 Oct 2026

> Binance says it will cover every loss as bitcoin drops to a six-week low. What is frozen, what caused it and what Pakistani users should do while withdrawals are shut.

**Binance now puts the impact of the hack at $6.3 billion, the biggest crypto theft on record, and says it may have started with a hacked laptop belonging to one of its own engineers.** All deposits and withdrawals are suspended while its security teams trace the funds, Reuters reported in a story carried by [Dawn](https://www.dawn.com/news/2040923/crypto-exchange-binance-freezes-assets-after-63-billion-security-breach) on Friday morning.

## Latest: 30 October 2026, 9:45am PKT

- **Size:** Binance's own estimate is a $6.3 billion impact, above the $2 billion to $5.7 billion range in the first on-chain estimates below.
- **How:** the first findings point to an engineer's compromised laptop, which gave the attacker access to one of Binance's systems and let them make unauthorised withdrawals. Arkham chief executive Miguel Morel said the data pointed to an unknown actor; blockchain investigators quoted by [CoinDesk](https://www.coindesk.com/policy/2026/10/29/crypto-s-longtime-foe-north-korea-s-lazarus-group-likely-behind-binance-hack-blockchain-sleuths) say North Korea's Lazarus Group is the likely culprit, which Binance has not confirmed.
- **Frozen so far:** about $3 billion by Binance itself, with no update yet on the other $3.3 billion; Tether nearly $1.57 billion, Circle more than $800 million and Ripple about $200 million.
- **Who pays:** co-founder Yi He said Binance will cover "all hacking losses", and the exchange repeated that "user funds remain safe".
- **Markets in early Asian trade on Friday:** bitcoin fell more than 3% to a six-week low of $76,368, ether to a two-month low of $2,178 and BNB was down 5% at $709.70. Coinbase shares slid 4.8% and Strategy almost 6% after hours in New York.

For a Pakistani holding 1,000 USDT on the exchange, nothing changes on the balance screen, but the money cannot be moved until Binance reopens withdrawals network by network.

## How the first night unfolded

If confirmed at that size, it is the largest crypto theft on record, well above the $1.4 billion taken from Bybit in 2025.

## What happened, in Pakistan time

CoinDesk traced the theft on the blockchain:

1. **1:24am PKT Friday (20:24 UTC Thursday):** 167,464 ETH moved out of the wallet Binance labels "Binance 14" to the attacker.
2. **Minutes later:** 28,005.6 ETH followed from "Binance 16".
3. **About 15 minutes after that:** 195,460 ETH, then worth about $442 million, was sent on to a second address.

In all about **204,500 ETH**, roughly 5.6% of Binance's ether reserves, plus USDT, USDC and other tokens. CoinDesk says the attacker obtained the wallet's signing key and used EIP-7702, an Ethereum feature that lets a wallet hand control to software, to turn it into a sweeper that forwarded every incoming deposit.

## What has been frozen

| Issuer | Frozen |
|---|---|
| Tether (USDT) | over $1.567 billion |
| Circle (USDC) | about $823 million |
| Ripple | about $200 million |
| World Liberty Financial (USD1) | $27 million |

Figures from CoinDesk, citing Tether CEO Paolo Ardoino and Binance founder Changpeng Zhao. Al Jazeera put the frozen total at $2.54 billion.

## What Binance says

Spokesperson Ross O'Leary said withdrawals were "temporarily suspended" on multiple networks "as a precautionary measure". Zhao, who no longer runs the exchange but is its largest shareholder, posted that he expects users to be "fully covered". Binance's SAFU emergency fund holds about $1 billion in bitcoin. CoinDesk notes the stolen wallet was counted in Binance's 1 October proof of reserves, so ether backing is now near 94% until the hole is filled; the next reserve snapshot is due on 1 November.

## The market

Bitcoin fell to about **$77,000** and BNB dropped about 8%, Cointelegraph reported. Bitcoin was near $81,500 on Thursday afternoon. Track it in rupees on our [bitcoin price page](/data/btc-usd) and [ether page](/data/eth-usd).

## If you use Binance in Pakistan

Binance is the exchange most Pakistani crypto users and freelancers rely on, including for P2P trades in rupees.

- **Do not panic-sell or move funds through unofficial links.** Binance has warned that scammers are already posting fake "recovery" and "withdrawal" pages. Use only the app or binance.com.
- **Expect delays** on withdrawals until Binance lifts the pause network by network.
- **Check your balance** in the app rather than on third-party trackers.
- **P2P traders:** do not release rupees or USDT to a buyer who says their funds are "stuck" and asks you to go first.

To see what a USDT balance is worth in rupees, use the [currency converter](/tools/finance/currency-converter).

## Frequently asked questions

**How much was stolen from Binance?**

Binance puts the impact at $6.3 billion. About $3 billion has been frozen by Binance, plus about $2.6 billion by Tether, Circle and Ripple.

**Is my money on Binance safe?**

Binance says user funds remain safe and co-founder Yi He says it will cover all hacking losses. Deposits and withdrawals are suspended while it investigates.

## Sources

- Binance hack drained wallets backing customer assets, reserve data shows (CoinDesk): https://www.coindesk.com/business/2026/10/30/binance-hack-drained-wallets-backing-customer-assets-reserve-data-shows
- Binance pauses withdrawals as hackers suspected of stealing billions in crypto (TechCrunch): https://techcrunch.com/2026/10/29/binance-pauses-withdrawals-as-hackers-suspected-of-stealing-billions-in-crypto/
- Binance says $2.54bn in crypto funds frozen amid 'potential security issue' (Al Jazeera): https://www.aljazeera.com/economy/2026/10/30/binance-says-2-54bn-in-crypto-funds-frozen-amid-potential-security-issue
- Binance hack rattles markets as BNB falls 8%, Bitcoin nears $77K (Cointelegraph): https://cointelegraph.com/markets/binance-hack-rattles-crypto-markets-bnb-bitcoin-slide
- Crypto exchange Binance freezes assets after $6.3 billion security breach (Reuters, 30 Oct 2026) (Dawn): https://www.dawn.com/news/2040923/crypto-exchange-binance-freezes-assets-after-63-billion-security-breach
- North Korea's Lazarus Group likely behind Binance hack: blockchain sleuths (CoinDesk): https://www.coindesk.com/policy/2026/10/29/crypto-s-longtime-foe-north-korea-s-lazarus-group-likely-behind-binance-hack-blockchain-sleuths

How to cite: "Binance hack hits $6.3 billion: engineer's laptop blamed, all withdrawals frozen", Searchable, 30 Oct 2026, https://searchable.pk/news/crypto/binance-hacked-withdrawals-paused-after-up-to-dollar57-billion-drained-dollar25