In brief
Binance has disclosed a security breach that led to the freezing of $3 billion in on‑chain assets and the temporary suspension of withdrawals. The company has set aside more than $6.34 billion in reserves and, after finding no evidence of private‑key leaks, says it will reimburse all affected users. Binance is working with law enforcement, token issuers and blockchain partners to recover the assets.
On Saturday, 31 October 2026, Binance issued a public statement from its headquarters in Istanbul, Turkey, announcing that a security incident had prompted the freezing of roughly $3 billion in assets and a temporary halt to user withdrawals.
The exchange added that it has already set aside more than $6.34 billion in company reserves—including its Secure Asset Fund for Users—to protect customer balances. A further $5 billion of the reserve is held in the exact token assets that were affected by the incident.
Binance issued a reassurance to its users:
Your funds are safe; Binance is covering the impact of this incident, not you.
Speaking in that statement, Binance said the preliminary investigation found no evidence that any wallet private keys had been leaked, and that regular customer deposits and trading activity on the platform remained unaffected.
To contain the incident, Binance worked with blockchain partners to freeze the affected funds on the blockchain, effectively locking around $3 billion of assets off‑chain. In addition, the exchange revoked authorizations on addresses linked to the incident and has engaged law‑enforcement authorities to pursue those responsible.
The company has pledged to keep its users informed, taking a precautionary approach by suspending withdrawals while it overhauls its withdrawal services and associated addresses. Binance also announced that it will publish a comprehensive technical post‑mortem once the investigation is complete, and it will release an updated proof‑of‑reserves report to verify user balances.
Binance said it is collaborating closely with law‑enforcement agencies, token issuers, blockchain‑intelligence firms, and other industry partners to track the whereabouts of the affected assets and to recover them. The aim is to bring the assets back into circulation as swiftly as possible while ensuring that all customers recover their funds in full.
