Estimated value of assets stolen from Binance reaches $5.912 billion in suspected breach
Key Facts
Chainalysis was cited as estimating that assets stolen from Binance in the suspected security incident were worth $5.912 billion at the time of the theft, according to Cointelegraph on October 30. Binance has not confirmed that funds were stolen or announced a final tally, while the Associated Press said the potential scale of the damage was unclear when its report was published. The estimate attributed to Chainalysis is four times the value of cryptocurrency stolen from Bybit in 2025. Losses from the Bybit breach in February 2025 were estimated at about $1.5 billion, according to the agency. Binance’s figure therefore remains an estimate attributed to Chainalysis, not a final tally confirmed by the platform.
Binance said the total verified frozen assets reached $2.54 billion on October 29, and that the amount could rise as asset tracking and freezing continued. The company said the figure included efforts by multiple parties and was not a total frozen amount attributable solely to Tether and Circle. Binance temporarily suspended all deposits and withdrawals while it conducted security checks, froze funds and coordinated with law enforcement. It said withdrawals would resume once the security issue was fully resolved, and that its team was urgently reviewing relevant information. It added that it would publish updates through its official channels after verifying the information, and confirmed that users’ funds were safe.
Changpeng Zhao, Binance’s founder, said the incident appeared to be a hack and that, as a shareholder, he expected users’ funds to be covered in full. Yi He also said Binance would cover all losses from the hack. The company has not, however, announced a confirmed final tally of stolen funds. CoinDesk reported that Binance’s SAFU fund holds about $1 billion in bitcoin and could be used to compensate for losses. The commitment comes as the platform continues its security checks and temporarily suspends deposits and withdrawals. Binance.US, a separate exchange from Binance, said it was not affected by the security incident, according to Reuters.
CoinDesk noted that about 204,500 stolen ETH represented nearly 5.6% of Binance’s reserves of the cryptocurrency, which could temporarily reduce coverage of customers’ ETH balances to about 94% until the platform replaces the stolen assets. On October 1, Binance’s wallet held enough to fully cover customers’ ETH balances, with a reserve ratio of 100%. Coverage of customers’ USDC balances on the same date was 108.26%, according to the source. The next reserves snapshot is scheduled for November 1. CoinDesk said that snapshot would show whether Binance had replaced the stolen assets. Binance has more than 335 million registered users worldwide, according to the company’s website, as cited by Reuters.
Reports of the incident coincided with a decline in cryptocurrency prices. The Associated Press said Bitcoin fell 3.2% to below $79,000 on the evening of Thursday, October 29. On October 30, Bitcoin fell to a six-week low of $77,646, while Ether hit a two-month low of $2,238.76. BNB fell more than 8% in 24 hours to $694, according to Reuters. The moves came amid Binance’s comments about security checks and frozen assets, while the company had not provided a confirmed final tally for the incident. The reserves snapshot scheduled for November 1 remains the next milestone that could clarify whether the stolen assets have been replaced.