Overview
- The security breach on Oct. 29 drained roughly $6.3 billion from Binance hot wallets in about 20 minutes, triggering an immediate market shock and automated cross‑chain laundering.
- Tracked outflows surged to more than $7 billion in a single day and nearly $11 billion over a 46‑hour window, producing reported net outflows of about $5.3 billion before deposits began to recover the exchange.
- Binance paused or limited withdrawals after the attack and has since reopened withdrawals in phases while CEO Richard Teng said hourly deposits began to exceed withdrawals and 24‑hour tracked inflows flipped to roughly $3.25 billion.
- Private tracing firms and stablecoin issuers have helped freeze roughly $2.7–3.0 billion of suspected stolen funds, and Binance says it has used its SAFU emergency fund and company reserves to replace the bulk of impacted customer assets.
- Investigations continue as analysts trace rapid, automated laundering across many wallets and blockchains, a process that complicates full recovery and has renewed scrutiny of centralized custody and internal developer security.