Binance Pauses Withdrawals on Multiple Networks

Published October 30, 2026, 03:45 AM PKT. This is a follow-up to MABOnChain's October 30 article on Binance's investigation into a suspected multi-billion wallet drain. It is based on TechCrunch's reporting of a Binance spokesperson's statement on October 29, 2026 (secondary source for the withdrawal pause), user reports cited by BeInCrypto (secondary source), and Binance's official statement on X, Tether chief executive Paolo Ardoino's statement and Circle chief executive Jeremy Allaire's statement (primary sources for the investigation and the stablecoin freezes, as reported in the earlier article).

Binance has temporarily suspended withdrawals on multiple networks following a security incident, as a precautionary measure, spokesperson Ross O'Leary told TechCrunch on October 29, 2026. The confirmation is the first official word on withdrawals since the suspected multi-billion wallet drain surfaced earlier the same day. Until this statement, Binance had said only that it was investigating reports of a potential security issue, and MABOnChain's earlier article noted that Binance had published no statement on whether deposits or withdrawals were affected. That gap is now closed for withdrawals, but not for the bigger questions.

The withdrawal pause Binance confirmed

O'Leary told TechCrunch that Binance has "temporarily suspended withdrawals on multiple networks following a security incident as a precautionary measure." TechCrunch did not publish a list of the affected networks, and Binance has given no timeline for reopening withdrawals in the reporting reviewed for this article. In an emailed statement to TechCrunch, Binance repeated its earlier line: it is aware of reports of a potential security issue and is actively investigating, user funds are completely safe, its security teams are reviewing all relevant information with urgency, and updates will come through official Binance channels once verified information is available. The statement also repeated Binance's warning to stay cautious of scams and not to trust unofficial links, messages or requests for account information.

The pause matters because it turns an on-chain incident into a direct restriction on customers. Users who need to move funds off the exchange cannot do so on the suspended networks until Binance reopens them, regardless of whether their own balances are affected. Binance has not said whether trading or deposits are restricted, and this article makes no claim about either. It has also not said whether the suspension covers all networks or only some, so readers should check Binance's official channels and the withdrawal page for their own asset and network rather than assuming a blanket halt or a full reopening.

What users reported before the confirmation

Before the spokesperson's confirmation, users had already reported withdrawals stuck at processing, BeInCrypto reported in an update timed October 30, 00:30 UTC. TechCrunch reported users saying funds were being drained from the exchange's wallets. Those user reports are consistent with a pause, but they are not proof of its scope: a stuck withdrawal can also follow congestion, maintenance or a backlog. The spokesperson's statement is what converts the user reports into a confirmed company action, and it is limited to what it says, a temporary suspension on multiple networks as a precaution, not a statement that all withdrawals are halted or that any customer funds are lost.

What has not changed

Binance still has not confirmed a hack, a loss figure or a cause. Founder and former chief executive Changpeng Zhao, who says he no longer manages Binance, posted on October 29 that it does look like a hack on Binance and that user funds are safe, and said as a shareholder he expects all user funds will be fully covered. That expectation remains Zhao's personal statement, not a Binance reimbursement plan, and Binance has published no payment timetable and no reimbursement plan. The stablecoin freezes reported in the earlier article are unchanged in the reporting reviewed for this follow-up: Tether chief executive Paolo Ardoino said Tether froze more than $1.567 billion in USDT, and Circle chief executive Jeremy Allaire said Circle froze more than $800 million in USDC, together more than $2.37 billion. A freeze stops the holder of a frozen address from moving those stablecoins, but it does not by itself return assets to Binance or its customers, and it does not freeze other coins such as ether at the same address. Early on-chain estimates of the outflow still span roughly $2.77 billion, reported by FXStreet, to more than $5.7 billion, reported by CoinDesk citing Arkham data. Neither figure is a Binance total, and Binance has adopted neither.

What to watch next

The next verified facts to look for are a Binance announcement reopening withdrawals, a list of the affected networks, and any statement on whether deposits or trading were touched. Also watch for an official Binance account of how the wallet was emptied, a confirmed loss figure, and any update from Tether or Circle on the frozen stablecoins. Until Binance publishes those details, the confirmed position is narrow: a security incident is under investigation, withdrawals are temporarily suspended on multiple networks as a precaution, user funds are described by Binance as completely safe, and more than $2.37 billion in stablecoins has been frozen by the two largest issuers. Readers should treat any message offering to recover funds, unlock withdrawals for a fee, or verify an account through an unofficial link as a scam, and should rely only on Binance's official channels for reopening news.

This article is news reporting and is not investment advice.

Sources

• TechCrunch, Binance pauses withdrawals as hackers suspected of stealing billions in crypto (October 29, 2026), secondary source for spokesperson Ross O'Leary's statement that Binance has temporarily suspended withdrawals on multiple networks following a security incident as a precautionary measure, and for Binance's emailed statement that user funds are completely safe
• BeInCrypto, Is Binance Being Hacked? $2 Billion Outflow Puts Customer Funds in Question (updated October 30, 00:30 UTC), secondary source for user reports of withdrawals stuck at processing
• Binance, official statement on X, October 29, 2026, primary source for the investigation into reports of a potential security issue, the assurance that user funds are completely safe, and the warning about scams, as reported in MABOnChain's earlier article
• Tether chief executive Paolo Ardoino, statement on X, October 29, 2026, primary source for the freeze of more than $1.567 billion USDT, as reported in MABOnChain's earlier article
• Circle chief executive Jeremy Allaire, statement on X, October 29, 2026, primary source for the freeze of more than $800 million USDC associated with the incident, as reported in MABOnChain's earlier article
• MABOnChain, Binance Investigates Suspected Multi-Billion Hack as Tether, Circle Freeze Funds (October 30, 2026), context for the earlier investigation, the $2.77 billion and $5.7 billion attributed outflow estimates, and the earlier position that Binance had published no statement on withdrawals