Binance just suffered a major security breach that moved an estimated $6.3 billion in assets according to Reuters.
This amount makes it the biggest crypto heist in history. The news triggered immediate selling across crypto markets. Traders reduced exposure as details of the unauthorized transfers spread.
XRP now sits at $1.25. The token fell 3.2% from the prior close and touched a session low of $1.20 before a partial recovery.
Changpeng Zhao (CZ), the co-founder and former CEO, weighed in immediately, reassuring the community that their funds are safe and thanking Tether and Circle for their quick action in freezing almost $971 million USDT and $823 million USDC.
User funds are safe!
It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).
I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered. https://t.co/oufpyNChxI
— CZ 🔶 BNB (@cz_binance) October 29, 2026
Security Breach Hits Binance
Attackers moved funds from several Binance hot wallets in a brief period on Thursday. The exchange suspended deposits and withdrawals while teams contained the activity. Officials reported no evidence of any private key leak in their initial findings.
Binance worked with partners to locate and secure affected assets. About $3 billion has been frozen so far through those efforts. CZ assured the community that while he doesn’t manage Binance anymore, user funds will be completely covered.
Further Comments from Zhao
In a later post CZ went further, repeating: “User funds are SAFU!” This is a reference to Binance’s Secure Asset Fund for Users (SAFU), the same fund that covered losses from the 2019 breach.
He thanked the team that worked overnight, including his pregnant co-founder and Chief Customer Service Officer Yi He. He also thanked industry partners who assisted. He noted that even some previously less friendly competitors offered help.
In another reply, he said the loss might be a bit higher than early figures but the company will cover it. These statements reinforced the commitment to protect account holders. Further replies reveal that USD1 has frozen $27 million, the Arbitrum Security Council froze $30.5 million, and Ripple is monitoring the situation to support the investigation.
Binance Investigation Details
Binance released initial findings. The company indicated a compromised DevOps engineer’s laptop may have allowed unauthorized withdrawal transactions. Access to a service container enabled the submissions. Teams continue coordination with law enforcement and blockchain partners.
The exchange has now resumed deposits and expects to resume withdrawals within 48 hours. It has also committed to publishing an updated Proof of Reserves once the remediation is complete.
Market Reaction Following the News
The confirmed $6.3 billion breach drove rapid selling across major tokens. This happened less than 3 weeks after over $91 million was stolen from Ledger through compromised chips in its hardware wallets. Liquidity thinned as participants reduced exposure and XRP declined with the rest of the market during the session.
The token reached $1.20 before recovering to the current $1.25 level. Trading volume rose as the news circulated. Binance maintains that user balances remain protected through the coverage plan. The exchange continues its review while markets absorb the information.
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