Binance pauses deposits and withdrawals during security investigation
Binance has suspended deposits and withdrawals during a security investigation. Its initial findings point to a DevOps engineer’s compromised laptop and an estimated impact of about $6.3 billion; the exchange says it will cover all losses and has frozen about $3 billion.
Binance is investigating a potential security incident after reports of unusual transfers from wallets associated with the exchange. In an October 30 update at 9:36 a.m. Hong Kong time, Binance said deposits and withdrawals were temporarily suspended and that it would cover all losses. It said it would publish a full report when the investigation is complete.
Binance’s initial findings
In an update last edited at 10:25 a.m. Hong Kong time on October 30, Binance said its initial investigation suggested that an attacker may have compromised a DevOps engineer’s laptop, accessed a service container and submitted unauthorized withdrawal transactions. It said it had found no evidence of a wallet private key leak. Binance estimated the total impact at about $6.3 billion, said it had revoked the affected address authorization, and planned to cover losses with its SAFU fund and company funds. These are preliminary company statements, not final investigation findings.
What happens to deposits and withdrawals
The exchange said the suspension was a precaution while it carried out security checks, froze assets and worked with law enforcement. It did not give a reopening time. Binance says user funds are safe and that it will publish an updated proof of reserves once remediation is complete.
Frozen funds and reported transfers
At 8:52 a.m. Hong Kong time on October 30, Binance said approximately $3 billion in related assets had been frozen. Frozen assets are not the same as recovered funds or confirmed losses. Decrypt reported that Tether froze 975.1 million USDT and Circle froze 823 million USDC at the main receiving address. Using on-chain data, it also estimated at least $5.57 billion in transfers from Binance-linked wallets across Ethereum, Bitcoin and Tron; that figure measures outflows and is separate from Binance’s estimate of the total impact.
Separate platforms and user safety
Binance.US said it is a separate platform, was not affected and continued to operate normally. Binance also warned users not to trust unofficial links, messages or requests for account information. Check current service status through official channels, and never share passwords or verification codes.
Sources
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