Binance Pledges to Cover All Hack Losses, Suspends All Deposits and Withdrawals

Published October 30, 2026, 06:15 AM PKT. This is a follow-up to MABOnChain's October 30 articles on Binance's investigation into a suspected multi-billion wallet drain and on its pause of withdrawals on multiple networks. It is based on Binance co-chief executive Yi He's statement on X, as reported by PANews, CoinDesk and The Block on October 30, 2026 (primary source for the coverage pledge and the full suspension), and on CoinDesk, The Block, InvestingLive and 0xzx reporting (secondary sources for the frozen total, the on-chain estimates and the market reaction).

Binance will bear all losses from the hack, co-chief executive Yi He said in a post on X, and user funds are safe. The pledge turns what had been a personal expectation from founder Changpeng Zhao into a company commitment, and it closes a gap MABOnChain flagged in its first article on this incident, which noted that Binance had published no reimbursement plan. Yi He also widened the restriction on customer funds: deposits and withdrawals are now temporarily suspended, not only withdrawals on multiple networks, as reported in MABOnChain's second article on the incident.

The coverage pledge

"Deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement," Yi He wrote, according to PANews, CoinDesk and The Block. "We will share a full post-mortem once the investigation is complete. Please rely only on official Binance channels for updates." The Block reports the same wording, with Yi He saying Binance will cover all hacking-related losses. CoinDesk reports that Yi He said customer losses would be covered and user funds are safe. The pledge is a commitment to cover losses, not a published loss figure, a payment timetable or a named funding source, and this article does not treat it as either. Zhao, who says he no longer manages Binance, had earlier posted that it does look like a hack on Binance, that user funds are safe, and that as a shareholder he expects all user funds will be fully covered. That was his personal statement. Yi He's post is the company's own statement, and that distinction is why this follow-up matters.

The full suspension

The new suspension covers all deposits and withdrawals, InvestingLive reports, widening the earlier pause that spokesperson Ross O'Leary described to TechCrunch as a temporary suspension of withdrawals on multiple networks as a precautionary measure. Binance has given no date for reopening, and no statement reviewed for this article says spot trading itself is halted. Binance also suspended trading on Binance Alpha, its platform for early-stage tokens, until the security issue is resolved, InvestingLive and 0xzx report. For customers, the practical effect is that funds held on the exchange cannot be moved in or out until Binance reopens transfers, even though Binance says balances are safe. Readers should check Binance's official channels and the withdrawal page for their own asset and network rather than assuming a partial reopening, and should treat any message offering to unlock withdrawals for a fee or to verify an account through an unofficial link as a scam.

The frozen total and the gap

Binance put its verified frozen total at $2.54 billion, InvestingLive and 0xzx report. The components reported by the issuers are larger in parts than the total suggests at first glance, because the figures come from different statements at different times and are not a single audited tally. Tether chief executive Paolo Ardoino said Tether froze more than $1.567 billion in USDT tied to the incident, and Circle chief executive Jeremy Allaire said Circle froze more than $800 million in USDC, together more than $2.37 billion. Yi He separately thanked Ripple for freezing about $200 million and World Liberty Financial for freezing $27 million in USD1 plus about $2 million of WLFI, 0xzx reports. A freeze stops whoever controls 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 or bitcoin at the same address. That is why the gap between what left Binance and what has been frozen is the number to watch, and Binance has not published it.

On-chain estimates of that gap still vary widely, and none of them is a Binance total. CoinDesk cites Arkham data putting the hacker's wallet holdings at more than $5.7 billion, including nearly $1.5 billion of bitcoin and $900 million of ether, plus roughly $1.4 billion in USDT and USDC combined. Chainalysis said it was updating its estimate of the amount stolen to roughly $5.9 billion in value when the theft occurred, CoinDesk reports. A separate three-chain tally cited by 0xzx put the outflows at about $5.57 billion, made up of about $3.51 billion on Ethereum, about $1.44 billion in bitcoin across 18,270 bitcoin, and about $630 million on Tron. Arkham's tracked wallet holdings are not the same as a confirmed stolen total, and Binance has adopted none of these figures. Until Binance publishes its own accounting, every large number in this story should be read with its source attached.

What investigators claim

Arkham chief executive Miguel Morel told CoinDesk the breach appeared to have started around 4:30 p.m. ET on October 29, and said the attacker may have exploited EIP-7702, an Ethereum feature that lets a wallet delegate authority to contract code. That is a hypothesis about a mechanism, not a confirmed cause, and Binance has not confirmed how the wallet was emptied or how any delegation signature was obtained. The Coin Republic, citing the researcher account 0xQuit, reports that a relayer funded through Tornado Cash submitted the delegation, that the method by which signatures were obtained remains unclear, and that North Korean involvement is unconfirmed. CoinDesk separately reports that investigator ZachXBT and security firm Blockaid said North Korea was likely behind the hack. Those are investigator claims, not a Binance or law enforcement attribution, and this article reports them as such. Arkham data cited by CoinDesk also shows the exploiter moving assets through the decentralized exchange Uniswap and borrowing at least 20,000 wrapped ether, worth around $44 million, through the lender Aave using stolen USDT as collateral. Aave froze its lending markets as a precaution, CoinDesk reports, while saying its contracts are unaffected and positions remain overcollateralized. Bybit said it is not affected, Wintermute chief executive Evgeny Gaevoy said his firm has exposure but less than 20 percent of net equity, and GSR chief executive Xin Song said his firm has limited exposure, all according to CoinDesk's live updates.

What to watch next

The next verified facts to look for are a Binance announcement reopening deposits and withdrawals, a confirmed loss figure, a statement of how the wallet was emptied, and the promised post-mortem. Also watch for updates from Tether, Circle and Ripple on the frozen stablecoins, and for any law enforcement statement. CoinDesk reported bitcoin at $77,163.49, ether at $2,218.68 and BNB at $693.38, with BNB lower by 6.7 percent, in the hours after the incident. Those are market snapshots, not a verdict on Binance's solvency, and prices often move again as verified facts arrive. Until Binance publishes its own accounting, the confirmed position is narrow: a security incident is under investigation, all deposits and withdrawals are temporarily suspended, Binance itself now pledges to cover all hacking losses, $2.54 billion in assets has been verified frozen, and no reopening date, loss total or cause has been confirmed.

This article is news reporting and is not investment advice.

Sources

• Binance co-chief executive Yi He, statement on X, October 30, 2026, primary source for the pledge that Binance will bear all losses from the hack, the temporary suspension of all deposits and withdrawals, the security checks, freezes and law enforcement work, and the promised full post-mortem, as reported by PANews, CoinDesk and The Block below
• PANews, Yi He: User Funds Are Safe, Binance Will Bear All Hacker Losses (published October 30, 2026, 00:11 UTC, updated 00:36 UTC), secondary reporting of Yi He's statement
• CoinDesk, Binance loses $5.7 billion in largest crypto hack to date (published October 29, 2026, updated October 29, 8:51 p.m. EDT), secondary source for Yi He's coverage pledge, the Arkham wallet holdings, the Chainalysis $5.9 billion estimate, the ZachXBT and Blockaid North Korea claim, the Uniswap and Aave movements, the Bybit, Wintermute and GSR statements, and the reported prices
• The Block, Binance investigating hack as suspicious outflows reach up to $5.8 billion (published October 29, 2026, updated 8:34 p.m. EDT), secondary source for Yi He's statement that Binance will cover all hacking-related losses and for the Aave market freeze
• InvestingLive, Binance halts deposits and withdrawals, pledges to cover all losses from suspected hack (October 30, 2026), secondary source for the all deposits and withdrawals suspension widening the earlier partial pause, the $2.54 billion verified frozen total, the Binance Alpha pause, and the absence of a reopening date, loss figure or attribution
• 0xzx, Binance Says It Will Cover Hack Losses as Verified Freezes Hit $2.54 Billion (October 30, 2026), secondary source for the $2.54 billion frozen total, the Ripple $200 million and World Liberty $27 million USD1 plus $2 million WLFI freezes, and the $5.57 billion three-chain outflow tally
• MABOnChain, Binance Pauses Withdrawals on Multiple Networks (October 30, 2026), context for the earlier multiple-network withdrawal pause and the TechCrunch spokesperson statement it reported
• MABOnChain, Binance Investigates Suspected Multi-Billion Hack as Tether, Circle Freeze Funds (October 30, 2026), context for the earlier investigation, the Tether and Circle freezes, and the earlier position that Binance had published no reimbursement plan