$6.3 Billion Hack at Binance: $3 Billion in Crypto Assets Frozen; Binance TH Restricts Operations in Thailand

Binance, the world’s largest cryptocurrency exchange, is investigating a major security incident with potential losses estimated at approximately $6.3 billion. As part of the investigation, about $3 billion in digital assets have been frozen with the assistance of stablecoin issuers and other crypto firms. Binance TH, the exchange’s Thai subsidiary, has temporarily suspended cryptocurrency deposits and withdrawals, assuring users that their funds remain secure.

The incident has sparked concern across the cryptocurrency market, prompting the implementation of additional security measures on Binance platforms. The company is working with law enforcement, token issuers, and analytical firms to track suspicious transactions and prevent the further movement of assets.

The final extent of the losses has yet to be determined. Binance has pledged to compensate users for any losses resulting from the incident and intends to release a detailed report once the investigation is complete.

Binance TH Restricts Operations in Thailand

Gulf Binance, the Thai entity that operates the Binance TH platform, stated that it is closely monitoring the investigation into the incident involving the international Binance.com platform.

As a precautionary measure, Binance TH has temporarily suspended cryptocurrency withdrawals. The company also announced that it is conducting additional audits of its digital assets and platform infrastructure.

According to the company’s initial statement, cryptocurrency trading, Thai baht deposits and withdrawals, and digital asset deposits remain fully operational. Users will be notified once cryptocurrency withdrawals are resumed, following the completion of the necessary checks. Gulf Binance has explicitly emphasized that the assets of its Thai clients are held separately from the funds of the international platform. Specifically, Binance TH’s cold wallets—used for the offline storage of cryptocurrencies—are distinct from the wallets of the global exchange. The Thai subsidiary also operates as an independent legal entity with its own asset custody system.

The company has assured users that their funds on Binance TH remain secure and has urged them to rely solely on official channels for updates.

Binance Reports Freezing $3 Billion in Assets

On October 29, 2026, Binance announced that, as part of an investigation into suspicious transactions, it had successfully frozen cryptocurrency assets with a total value of approximately $3 billion.

According to the company, the initial volume of transactions linked to the incident was estimated at roughly $5.613 billion. While earlier reports cited a figure of approximately $5.7 billion, a detailed breakdown of the assets placed the value at $5.613 billion.

Subsequently, Binance indicated that the total potential impact of the incident could reach as much as $6.3 billion.

It is important to distinguish between these figures: the volume of suspicious transactions, the value of frozen assets, and the actual losses incurred by users are not the same thing. The mere fact that cryptocurrency has been blocked does not mean that all funds have been returned to their owners or fully recovered.

Binance stated that efforts to track the assets are ongoing. The company is collaborating with law enforcement agencies, token issuers, analytics firms, and other stakeholders within the cryptocurrency industry.

Tether, Circle, and Ripple Assist in Blocking Assets

A significant portion of the frozen funds consisted of cryptocurrencies and stablecoins whose issuers have the technical and legal authority to restrict the movement of specific tokens. According to published data:

• Tether has frozen approximately $1.57 billion in USDT — roughly 51 billion baht.
• Circle has blocked over $800 million in USDC — more than 26 billion baht.
• Ripple has frozen about $200 million, or approximately 6.5 billion baht.

Binance co-founder Yi He stated that Ripple is also participating in the review of suspicious assets and is coordinating with the relevant parties.

Additionally, World Liberty Financial—an entity linked to U.S. President Donald Trump and his family—announced that it is working with the cryptocurrency custodian BitGo to block funds it has associated with the hack of Binance.

According to Yi He, this involves approximately $27 million in stablecoins and another $2 million or so in World Liberty tokens.

Binance has warned that the total value of frozen assets may increase as the investigation continues.

Assets involved in the investigation

The initial list of suspicious transactions included the following digital assets:

These figures represent an initial estimate of transactions linked to the investigation, rather than a confirmed amount of stolen funds.

Miguel Morel, CEO of the analytics firm Arkham Intelligence, stated that available data points to the potential movement of billions of dollars by an unknown party. However, the exact cause of the event had not been determined at the time.

Chainalysis suggested that this incident could potentially become the largest cryptocurrency theft in the industry's history. The final assessment will depend on the results of the investigation, the confirmed volume of stolen funds, and the amount of assets that can be frozen or recovered.

Binance pledges to cover losses

Binance co-founder He Yi stated that the company would cover all losses resulting from the incident. As of the time of publication, however, a detailed compensation mechanism had not yet been presented.

Former Binance CEO Changpeng Zhao, who no longer manages the exchange, also commented on the situation via the social media platform X, describing the event as appearing to be a hack.

Binance pointed to the existence of its Secure Asset Fund for Users (SAFU), established to provide additional protection for users in the event of major security incidents. According to the exchange’s website, the fund holds its assets entirely in Bitcoin.

Amid the investigation, Binance has temporarily restricted certain operations on its global platform. Specifically, reports indicate that withdrawals have been suspended, and trading on "Binance Alpha" has been temporarily halted as a precautionary measure. The company emphasizes that user funds remain secure; however, definitive conclusions can only be drawn once a technical investigation is complete.

Bitcoin and BNB decline

News of a potential large-scale hack has intensified pressure on the cryptocurrency market.

On the morning of October 30, during Asian trading hours, Bitcoin fell by approximately 2% to $77,646—its lowest level in six weeks. Ethereum also dropped by about 2%, falling to $2,238.76—its lowest point in two months.

BNB, the token of the Binance ecosystem, saw a particularly sharp decline. According to CoinGecko, its value fell by more than 8% over 24 hours, reaching $694.

In the traditional stock market, shares of Coinbase Global fell by 4.8%, while shares of MicroStrategy—known for its significant Bitcoin investments—dropped by nearly 6% during extended trading hours in the U.S.

Meanwhile, Binance.US, the exchange’s American arm, stated that it was unaffected by the incident. Coinbase also reported that its operations remain unimpacted, though the company continues to monitor the situation.

What this means for Binance users

The primary question for the cryptocurrency market right now is not only how many funds may have been affected by the incident, but also how quickly Binance can determine the cause and confirm the security of its infrastructure.

The freezing of $3 billion demonstrates that collaboration between exchanges, stablecoin issuers, and blockchain analytics firms can effectively restrict the movement of suspicious assets. However, this does not guarantee the full recovery of funds, nor does it serve as a substitute for an independent assessment of the incident's scope. Binance and Binance TH users are advised to verify the current status of their transactions through official channels and to avoid clicking on suspicious links. The company has specifically warned about scammers who may exploit the situation to gain access to clients' accounts and personal information.

A final assessment of the damage, the causes of the incident, and details regarding compensation will become available once the investigation is complete and Binance publishes the report it has promised.