Binance Says $3B Frozen After $6.3B Hack, Withdrawals Paused

Binance has frozen about $3B on-chain after a hack that could cost the exchange as much as $6.3B, according to @crypto_banter. Withdrawals are still switched off while a security revamp gets done, but deposits are running as normal, and the exchange says withdrawals should be back within 48 hours.

The trail starts with a laptop. Binance's initial investigation suggests a compromised machine belonging to a DevOps engineer handed an attacker a way into a service container, where they pushed through unauthorized withdrawal transactions. So far, no evidence points to a leaked wallet private key.

Binance is telling users their money is fine and that every loss gets covered — from its SAFU fund and company coffers. That's the headline the exchange wants everyone to hear: the hole is big, but the bill isn't landing on customers.

The number to watch is the gap between the damage and what's been clawed back. Roughly $3B is frozen on-chain out of an estimated $6.3B total impact, leaving plenty still in play while the investigation continues.

For now, the exchange is in lockdown mode on the way out the door — deposits in, withdrawals on ice. If Binance hits its 48-hour target, normal service resumes fast. If it doesn't, the pressure only grows.