Binance withdrawals were paused on October 29, 2026, after a security incident at the cryptocurrency exchange. Binance said withdrawals would resume once the issue was fully resolved, but did not give a reopening time or confirm a loss figure.

Key Takeaways

  • Binance said user funds remained safe and suspended Alpha trading as well as withdrawals.
  • A subsequent update said Binance would cover hack losses and had also suspended deposits, without providing funding details.

Binance withdrawals and trading restrictions

At 22:15 UTC, Binance said its team was conducting security checks and that withdrawals would resume as soon as the security issue was fully resolved. A Binance spokesperson described the suspension on multiple networks as a precautionary measure following a security incident.

At 23:06 UTC, Binance said it had temporarily suspended Binance Alpha trading, which it also planned to resume once the issue was resolved. A subsequent update said the exchange had suspended all deposits and withdrawals and would cover hack losses. It did not provide a confirmed loss figure or explain how coverage would be funded.

Binance founder and shareholder Changpeng Zhao, who no longer runs the exchange, said he expected all user funds to be fully covered.

What is known about the suspected attack

On-chain data indicated that an address funded through Tornado Cash directed a Binance hot wallet to run a contract using an EIP-7702 delegation. Binance had not confirmed that mechanism or identified the affected networks.

The EIP-7702 account delegation specification describes how an Ethereum account can point to code that executes in its context. The specification also provides a way to clear a delegation; it does not establish what happened in the Binance incident.

Tether CEO Paolo Ardoino said Tether froze more than 1.567 billion USDT, while Circle said it froze more than 800 million USDC. Circle CEO Jeremy Allaire said its freeze was coordinated with law enforcement. The frozen amounts are not a confirmed Binance loss figure.

Market prices and liquidations

BNB traded at $702.97 at 22:24 UTC, down 6.9% over 24 hours, while Bitcoin traded near $78,840. The price movements alone do not establish their cause.

Coinglass data showed $627.7 million in cryptocurrency liquidations in one hour late on October 29, including $606.6 million in long positions. Binance accounted for $344.8 million of the total.

Next milestone

Binance said withdrawals and Alpha trading would resume once the security issue was resolved; it had not provided a reopening time.

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