EL7.AI
CryptoMedium•31 October 2026•
2 min read

Binance Hack Costs About $6.3 Billion as Bitcoin Falls to Six-Week Low

Key Facts

1Binance estimated the assets affected by the hack at about $6.3 billion.
2Binance said it allocated more than $6.34 billion in company funds.
3Binance said about $3 billion of affected assets had been frozen on-chain by October 30.
4Bitcoin recorded a daily close of $77,598.91 on October 31, 2026.

Binance said its hot wallets were hacked on October 29, 2026, putting the value of affected assets at about $6.3 billion. The company said the breach occurred at about 20:05 UTC. In an update issued on October 30, it confirmed it would absorb the financial losses from the stolen assets. It added that it had allocated more than $6.34 billion in company funds for that purpose. The announcement came as cryptocurrency prices recorded sharp declines.

Binance said about $3 billion of affected assets had been frozen on-chain by October 30. It also said it had provided more than $5 billion in assets matching the affected tokens, equivalent to about 80% of the affected amount. The company said: "This means we have already covered about 80% of the affected amount." The assets it cited include tokens such as USDC, USDT, Bitcoin, Ethereum and BNB. These figures reflect the scale of the measures the exchange announced to address the losses.

Bitcoin fell 3.2% to below $79,000 on Thursday evening, October 29, according to the Associated Press. On October 30, it dropped to a six-week low of $76,368, according to Reuters, before markets steadied. Ether hit a two-month low of $2,178 after falling more than 3%, while BNB fell more than 8% in 24 hours to $694, Reuters reported. The Associated Press said Bitcoin fell below $77,000 after trading above $86,000 earlier in October. EL7 data showed Bitcoin closing at $77,598.91 on October 31.

The decline extended to stocks linked to the sector; Coinbase shares fell 4.8% and Strategy shares about 6% in extended U.S. trading on October 30, according to Reuters. Coinbase said it was not affected by the breach. Regarding services, Binance said its technical team was targeting the start of resumed withdrawals within about 34 hours of the October 30 update, subject to completion of security checks. It also expected to make an initial result from its proof-of-reserves snapshot available by November 2, 2026. The company said: "The technical team is targeting the start of resumed withdrawal service within about 34 hours, subject to completion of security checks."

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