Binance hack of $6.3 billion: what does it mean for you?
Date: | Week 44 | Reading time: 6 minutesAuthor: Simcha Schrijver
In brief
In the Binance hack of Thursday 29 October 2026, about $6.3 billion in crypto was taken from the platform's wallets. Binance says it will cover all user losses. The biggest risk for you now lies in fake messages that play on the news.
Paucitas sees the same pattern after every major hack: within days, emails, texts and calls appear about compensation, verification or a safe wallet. Unsure about a message or about your own balance? Paucitas will take a look with you.
Contact Paucitas. A no-obligation introduction is always possible.
Put simply
According to the platform, your balance on Binance is covered. Do not respond to messages about compensation or verification; only check the official app. Let Paucitas take a look with you.
You read the news, see the word Binance and immediately think of your own crypto. Withdrawals are paused for now and huge sums are being reported. It is natural to feel uneasy. Many people feel the same at the same time, and that is exactly what scammers count on.
What happened in the Binance hack?
On the evening of Thursday 29 October 2026, about $6.3 billion in crypto was taken in a short time from Binance's so-called hot wallets, spread across ten blockchains. Most of it left within twenty minutes. It is the largest crypto theft ever recorded, more than four times the size of the Bybit hack in February 2025.
According to Binance, it started with the hacked laptop of an employee. Through that laptop the attacker reached an internal system and was able to approve withdrawals. Binance says no wallet private keys were leaked. Investigators link the attack to the same North Korean group the FBI held responsible for the Bybit hack. The FBI itself says it is involved in the investigation but has not named anyone yet.
What did Paucitas tell the Dutch press about the Binance hack?
Simcha Schrijver, co-founder of Paucitas, explained the hack on 30 October in the Dutch national newspaper Trouw. According to him, the theft hit around 200,000 accounts, mostly belonging to ordinary users. About half of the haul, roughly $3 billion, has been traced and frozen according to Binance. That $6.3 billion makes it the largest crypto theft in history, more than four times the previous record.
Schrijver also gave two lessons. Only trade through a platform that is authorised and supervised, in the UK by the FCA. And experienced users may consider a hardware wallet, which lets you hold your crypto yourself. You are then responsible yourself, and a mistake can be costly.
Is my money on Binance still safe?
Binance paused all withdrawals on 29 October and says it will cover all user losses, from its own emergency fund and its own resources. On 30 October the platform said it expected to resume withdrawals step by step within 48 hours. In other words: according to Binance your balance is still there, you just cannot reach it for the moment.
Check your balance only in the official app or on the website you type in yourself. Never through a link in an email, text or message, even if it looks completely genuine.
How do I spot fake messages about the Binance hack?
We saw it after the Bybit hack: scammers use the news to make people act in panic. Signs that may point to a fake message:
- You must verify your account or claim your compensation through a link.
- You are asked for your recovery phrase, login details or a code from your app.
- You must move your crypto to a new, safe wallet.
- Someone calls on behalf of Binance, a bank or a government body and already knows a lot about you.
- A payout is promised if you first pay a fee.
Recognise one or more of these? That does not automatically mean it is fake. But do not click anything and ask someone to look at it first. Paucitas is happy to do that, even for a single message.
What does this hack show about tracing crypto?
A blockchain is public. Every transaction remains visible, even when someone spreads the money across thousands of addresses and several blockchains. In this hack, billions of dollars in stolen stablecoins were frozen within hours, because the issuers could block those funds together with law enforcement. That worked because the route of the money was mapped straight away.
The same principle applies in smaller cases. Paucitas maps step by step where crypto went, and whether part of it ended up at a platform that can cooperate. Paucitas also reads through all messages, emails and documents and builds a timeline, so you have one complete picture. Paucitas does not promise that money will come back. You will, however, know exactly where you stand. Read more about how this works under blockchain analysis.
What does this mean for your source of funds file?
If your crypto sits on a platform, you now notice how dependent you are on it. Keep your own records of deposits, purchases and withdrawals. If a bank, solicitor or mortgage lender later asks about the source of your wealth, you will need that information. Paucitas records that history in a complete report that anyone can follow. See also a source of funds file for your bank.
Why people trust Paucitas
Paucitas is an independent firm of experts based in Amsterdam, with its own office where you are welcome. Paucitas carries out all blockchain investigation itself, has many client reviews and regularly appears in the media. An honest picture comes first. Before starting, Paucitas discusses a tailored quote, with no surprises afterwards.
Paucitas can be reached 24/7 on +31 20 244 5774; the phone is answered in English. Through the form you will hear from us within 1 to 3 hours, and emails are answered within 24 hours, usually the same day.
Sources: FBI, warning about TraderTraitor and the Bybit hack (February 2025); FCA, protect yourself from scams.
Do you have questions about this blog?
Feel free to get in touch with Paucitas. Paucitas can be reached by phone 24/7, including evenings and weekends. Through the contact form we usually reply within 1 to 3 hours, and we answer e-mail within 24 hours.
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Frequently asked questions about the Binance hack
Is my crypto on Binance lost?
Paucitas: according to Binance, no. The platform says it will cover all user losses and resume withdrawals step by step. Check your balance only in the official app and never through a link in a message.
Should I move my crypto off Binance now?
Paucitas does not give investment advice. If you want to move later, do it calmly through the official app, to a wallet you created yourself, and never to an address someone sends you.
I received a message about compensation. Is it real?
Paucitas sees scammers send exactly these messages after major hacks. If a message asks for a link, your recovery phrase, a code or an upfront payment, caution is needed. Feel free to let Paucitas look at the message.
Can stolen crypto be traced and recovered?
Paucitas: it depends on your situation. If you still have access to your own wallet or account holding funds, there are sometimes options. If everything was transferred to the scammers, things are different. That cannot be judged from a distance. Paucitas first looks at your situation and tells you honestly what is and is not possible. Be careful with parties that promise in advance that your money will come back. In doubt? Contact Paucitas and you will know where you stand.
How quickly can Paucitas look into it?
Paucitas can be reached by phone 24/7, in English. Through the form you will hear from us within 1 to 3 hours. An investigation usually takes from the same day to about two weeks, depending on the case.
From Amsterdam, for the whole of the UK
Everything can be done fully online. Prefer to meet in person? You are very welcome at our office in Amsterdam, by appointment.
Paucitas is an independent expert firm based in the Netherlands that, for clients across the UK, investigates investment fraud and crypto fraud, establishes the origin and legitimacy of crypto assets and prepares expert reports for legal proceedings and compliance.
Your own situation
If you are reading this, you probably have a question about your own situation. That is exactly what Paucitas does.
The first step is contact by phone. You can book that call by phone or through the contact form, so you do not have to wait. In the call we look together at what can factually be established in your case and what Paucitas can examine for you.