Regarding the incident on October 29, 2026, Binance's official statement and co-founder He Yi's response said that "user funds are safe and all losses will be covered." However, deposits and withdrawals are currently paused, with no confirmed time for resumption. The most important thing to check right now is your account's withdrawal status and Binance's official notification channels, not trying to trace frozen assets on-chain. The billions of dollars in outflows shown by on-chain data reflect movements at the hot wallet level. Whether your personal account balance is affected is a separate question. He Yi has clearly stated that Binance will bear all losses from this attack. But how that promise will be fulfilled, the timeline, and when assets in your account can be withdrawn normally all depend on Binance's official announcement after completing security checks.
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First, confirm one thing: Is your withdrawal stuck?
Binance has paused deposit and withdrawal services. The reason given is that the security team needs to conduct security checks, freeze related funds, and cooperate with law enforcement. This means:
If you submitted a withdrawal request before the incident, it may now show as "processing" or "paused." Do not repeatedly submit new withdrawal requests, and do not trust any third party claiming they can "expedite your withdrawal." Until Binance officially restores withdrawal functions, no external channel has any basis to "help" you.
If you want to withdraw now, the function itself is unavailable. He Yi said a full incident review report will be published after the investigation is complete. Before the official resumption announcement is released, what you can do is confirm your account login status is normal and check that security settings such as two-factor authentication and withdrawal address whitelist have not been unexpectedly changed. Do not try to bypass the restrictions.
Where to get official information, and what to avoid
After the incident, on-chain analysts, social media accounts, and some media outlets published large numbers: $277 million, $2.54 billion frozen, about 195,000 ETH, about 16,700 BTC, and more. These figures come from tracking public on-chain records. They reflect asset movements between hot wallet addresses, not confirmation or denial about your personal account balance. Binance's initial statement said "user funds are not confirmed to be affected." He Yi's later statement that Binance will "bear all losses" is a clearer commitment. There is a time gap between the two. The latest official statement should be treated as the most current position, but the timing for restoring withdrawals still needs to be awaited.
Only rely on Binance's official channels: Binance's official account on X, in-app notifications in the Binance App, and the announcement page on Binance's official website. CZ's posts can be used as reference, but he has clearly said he "no longer manages Binance." His statement that "user funds are safe" is a comment as a shareholder, not an official operational announcement. He Yi's identity is co-CEO. Her statements about "bearing all losses" and "deposits and withdrawals paused" are closer to an official operational position.
Beware of scams exploiting the incident: In the incident statement, Binance reminded users not to trust unofficial links, messages, or requests for account information. If you receive a private message, email, or Telegram message claiming to be from "Binance customer service" saying you need to provide a verification code, 2FA code, or click a link to "unfreeze withdrawals," treat it as a scam. Binance will never ask you for such information through private chat.
What those on-chain numbers mean for your account
Hot wallets are online wallets exchanges use to process daily withdrawals. The assets inside belong to the exchange's pool of user funds under custody. In the October 29 incident, multiple wallets labeled as Binance wallets, including Binance 14, Binance 16, and Hot Wallet 34, transferred large amounts of ETH, USDT, USDC, and other assets to new addresses. Tether and Circle later froze stablecoins at the receiving addresses. Binance officially confirmed the total frozen amount was $2.54 billion.
These actions show Binance's asset recovery and damage control at the hot wallet level. They are not direct evidence that "your coins were stolen" or "your coins were not stolen." Your account balance is a record in Binance's ledger. Its safety depends on Binance's overall solvency and operational status. He Yi's promise to "bear all losses" points to this level.
If you hold a large amount of assets on Binance, the reasonable focus right now is not to track hacker addresses. Instead, after withdrawals resume, first make a small test withdrawal to confirm the function works normally, then handle larger amounts. Before resumption, do not transfer assets to any unverified external address out of anxiety.
What you will see after security checks are completed
Binance has not announced a specific time for resuming withdrawals. He Yi mentioned that a review report will be published "after the investigation is complete." This means withdrawal resumption and report publication may not happen at the same moment. Withdrawal functions may resume before or after the report, depending on the progress of security checks.
When Binance officially announces the resumption of deposits and withdrawals, do the following in order:
Log in to your Binance account and check in-app notifications. Confirm the official announcement's wording about withdrawal resumption, including whether it is open to all users and whether there is a phased resumption arrangement.
Check your withdrawal address whitelist. If you previously set up a whitelist, confirm that the addresses in the list are still your own and that no unknown addresses have been added. During a security incident, the risk of account settings being abnormally modified needs to be actively ruled out.
Make a small withdrawal first. Choose a chain and asset you commonly use, and withdraw a small amount you can afford to lose. Confirm that the on-chain arrival is normal. The purpose of this step is to verify that the withdrawal function has truly resumed and that the network and address you are using have no problems.
If the small withdrawal works normally, handle remaining assets. If the small withdrawal shows an abnormality, such as not being broadcast on-chain for a long time or the status being stuck, stop operating. Submit a ticket through the customer service entry in the Binance App, and attach the withdrawal record and TxID if one has been generated.
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References
- Foresight News: Binance has frozen $2.54 billion in funds related to the theft incident, 2026-10-30
- Foresight News: CZ says Binance suspected of hacker attack, user funds are safe, 2026-10-30
- The Defiant: Binance Wallet Outflows Widen to Three Accounts in Suspected Hack, 2026-10-30
- ChainCatcher: He Yi says Binance will bear all stolen losses, deposits and withdrawals temporarily paused, 2026-10-30
- Yahoo Finance: Binance Probes Suspected Hot-Wallet Drain of Billions; Issuers Freeze $2.3B, 2026-10-30
