Is Binance Safe After the Hack? Withdrawals and Your Funds

Last updated: October 30, 2026, 00:45 UTC. We are updating this page as Binance shares more information.

After billions left Binance hot wallets on October 29, 2026, millions of users are asking the same things: is Binance safe, can I still withdraw, and will I lose my money? This page answers those questions in plain words, with what Binance has actually said and what is still unknown.

For the full timeline, the hacker's wallet address and the on-chain numbers, read our main report on the Binance hack of October 2026.

Is Binance Safe After the Hack?

Here is what supports Binance's "funds are safe" message, and what you should still keep in mind.

What points to yes

• The loss came from hot wallets. Hot wallets are the online wallets an exchange uses for daily withdrawals. Most user funds sit in cold storage, offline.
• A large part was frozen. Tether froze about 1.56 billion USDT and Circle about 823 million USDC within an hour.
• The net loss is small next to reserves. DefiLlama's founder estimated the net loss at about $1 billion, roughly 0.69% of the about $144 billion Binance holds for users.
• Binance has paid back hack losses before. In May 2019 it covered a 7,000 BTC theft in full from its SAFU fund.

What is still unknown

• How it happened. Analysts point to an EIP-7702 delegation signed with a valid key, but Binance has not confirmed the cause.
• The final loss. All numbers so far are on-chain estimates.
• Whether the problem is fully fixed. Binance has not said when all networks will be open again.

Can You Withdraw From Binance Right Now?

Binance kept trading open and most major withdrawal routes running. This is the status reported at 22:32 UTC on October 29. It changes quickly, so always check the withdrawal page in the app.

Binance labelled most pauses as "wallet maintenance" and said withdrawals "will resume shortly". If your network is paused, you can sometimes use another network instead, for example SOL or XRP through BSC, but only if your receiving wallet supports that network. Always send a small test amount first.

Did Binance Users Lose Money?

According to Binance, no. The stolen funds came from exchange-owned hot wallets, not from individual accounts, so your balance in the app should not change. Former CEO Changpeng Zhao said that as a shareholder he expects all user funds to be fully covered, and that the loss may be slightly above $1 billion.

Where users did lose money was in the market. About $628 million in leveraged positions were liquidated within an hour as BNB, Bitcoin and Ether dropped, mostly long positions.

Should You Move Your Crypto Off Binance?

There is no single right answer, and it is your decision. Some questions that help:

• Is it money you trade, or savings? Many traders keep only active trading funds on any exchange and hold long-term savings in their own wallet.
• Do you need the money soon? If yes, and your network is open, moving it calmly is reasonable. Rushing during a pause can lead to mistakes.
• Are you set up for self-custody? A wallet you control means you protect the seed phrase yourself. Read about the risks in our post on the Ledger implant scandal before you choose a device.

Whatever you do, don't make big decisions based on panic posts, rumours or screenshots in Telegram groups.

How to Protect Your Binance Account Now

1. Ignore "Binance support" messages. After every big hack, scammers send fake security alerts, refund offers and "verify your account" links. Binance only shares updates in the official app and on its official X account.
2. Check your security settings. Keep 2FA and the anti-phishing code on, and look at your login history.
3. Review your API keys. Remove keys you don't use, and never allow withdrawals on keys used by bots. Our Cornix guide shows the safe settings for trading bots.
4. Never pay for "recovery". Nobody can recover funds for a fee. Our guide on how to spot fakes on Telegram lists the common tricks.
5. Double-check every withdrawal. Confirm the address, the network and send a small test first.

If You Trade Futures on Binance

News like this brings fast price swings, and leverage turns those swings into liquidations. During the first hour after the hack, BNB fell about 6% and hundreds of millions in longs were closed.

• Lower your leverage until the market calms down.
• Put a stop loss on every position.
• Size each trade so a loss costs 1-2% of your account. Our position size calculator does the math.

What Happens Next?

Things to watch in the coming days:

• An official Binance report on the cause and the final loss.
• All withdrawal networks reopening.
• Whether more of the stolen funds get frozen, and where the ETH and BTC move.
• Whether Binance uses SAFU or its own balance sheet to cover the gap.

We will update this page and our main Binance hack report as these answers come in.

Frequently Asked Questions

Is Binance safe right now?

Binance says user funds are completely safe, and its co-founder says it will keep some withdrawals paused until its systems are confirmed safe. The estimated net loss of about $1 billion is small compared with the roughly $144 billion Binance holds for users, but the cause has not been explained yet.

Can I withdraw from Binance right now?

On most major networks, yes. On the evening of October 29, Bitcoin, Ether on Ethereum and BSC, and USDT and USDC on Ethereum, Tron and BSC were open, while some networks like Solana, the XRP Ledger, Optimism and Avalanche were paused. Check the withdrawal page in the app before you send.

Will Binance cover the losses from the hack?

Changpeng Zhao said he expects all user funds to be fully covered, and Binance has a SAFU emergency fund worth about $1 billion. In 2019 Binance covered a 7,000 BTC hack in full with SAFU.

Did Binance users lose money in the hack?

Binance says no. The funds came from Binance's own hot wallets, not from individual user accounts, and Binance says user balances are safe.

Why is my Binance withdrawal stuck?

Withdrawals on some networks were paused for "wallet maintenance" after the incident. If your withdrawal is pending, don't cancel and resend many times. Wait for the network to reopen, or choose another network your receiving wallet supports.

Should I move my crypto off Binance?

That is your own decision. Many traders keep only what they actively trade on an exchange and hold long-term savings in a wallet they control. If you move funds, send a small test amount first and check the network.

Is Binance going bankrupt?

There is no sign of that. The estimated net loss after freezes is around $1 billion, a small share of Binance's reserves, and Binance kept trading open during the incident.

Is my Binance account hacked?

The incident hit Binance's hot wallets, not user logins. But scammers use big news to send fake security alerts. Only trust messages inside the official app, and check your login history and API keys if you are worried.

This page is based on Binance's public statements, its withdrawal status page and on-chain reports at the time of writing. Details may change. Not financial advice.