Binance has revealed new details about a security breach has led to an estimated loss of around $6.3 billion (around Rs 60,000 crore). The company said the hacker used a “self-destruct mechanism” to hide their tracks and make the investigation harder. The revelation was made by Binance co-CEO Richard Teng in a video posted on X (formerly Twitter). Meanwhile, Binance is trying to recover the stolen funds and assured users that they will not bear any financial losses from the incident.
Binance said its hot wallets were compromised. This resulted in unauthorised withdrawals of cryptocurrency worth approximately $6.3 billion (around Rs 60,000 crore).
Initially, the crypto exchange suspected that the breach could have happened due to a compromised engineer’s laptop. However, further investigation has revealed that the breach was more complex.
In his video posted on X, Teng said the attacker used a “self-destruct mechanism” to cover their tracks. This made it harder for the company’s security teams to understand how the attack happened.
A message from Binance’s Co-CEO, @_RichardTeng.
— Binance (@binance) October 30, 2026
Binance has promised that it would cover the entire amount stolen in the incident. The exchange plans to use its Secure Asset Fund for Users (SAFU) and corporate treasury to make up for the losses.
The company said it had already set aside more than $6.34 billion in funds. Of this, $5 billion is held in the same cryptocurrency assets that were stolen, including USDC, USDT, Bitcoin, Ethereum and BNB. This means Binance has already covered around 80 per cent of the affected amount. It is now buying the remaining cryptocurrency through market and over-the-counter (OTC) channels.
Binance also said it has taken several steps to prevent further losses. The exchange has secured the affected infrastructure, cancelled compromised access permissions and added new security checks.
It is also working with law enforcement agencies, blockchain intelligence firms, cryptocurrency issuers and industry partners to trace the stolen funds. According to the company, around $3 billion worth of assets has already been frozen.
Binance temporarily suspended withdrawals while it is reviewing its systems and fixing security issues. However, deposits and other unaffected services continue to work.
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