What to do if your crypto exchange got hit

A plain-English checklist, written after the Binance hack of Oct 29, 2026. By Stew David, CEO, CryptoByState · Updated Oct 30, 2026

What happened (short version)

• On Oct 29, 2026, about $6.3 billion in crypto left Binance wallets, most of it in about 20 minutes starting ~20:05 UTC (about 3 PM Central), across 10 blockchains. (TRM Labs)
• Binance says a compromised DevOps engineer's laptop let an attacker into a service container to submit unauthorized withdrawals, later adding it found "additional points of breach." It says it found no evidence of a wallet private key leak. (Binance, BBC)
• TRM Labs and Chainalysis attribute the attack to North Korea's TraderTraitor (Lazarus) group; Binance has not named an attacker. (Chainalysis)
• About $3 billion has been frozen. Binance says user funds are safe, it will cover all losses from its SAFU fund and company funds, has reserved over $6.34 billion, suspended withdrawals (deposits continue), and expects withdrawals to resume within about 45 hours. It plans an updated Proof of Reserves. (Binance, CoinDesk, MarketWatch)
• Latest (Oct 30, ~08:47 UTC / 3:47 AM CT): Binance says it is "on track" to resume withdrawals in about 45 hours, after a "security revamp of the withdrawal service and its related addresses." Deposits are operating normally. It says it has "begun recovering affected assets for users." As of this update, withdrawals have not reopened. (BBC live, Decrypt)
• Estimates differ: Binance ~$6.3B, TRM ~$6.36B, Chainalysis ~$6.4B, Arkham ~$6.01B. (Decrypt)
• Binance.US says it was not affected. (BBC)

This guide applies to any exchange incident, not just this one.

1. Check whether your funds are affected

• Read the exchange's official announcements page and its verified X account — reach them by typing the domain yourself, not from a link someone sent you.
• Log in through the official app or typed URL and check your balance and transaction history. Look for withdrawals you didn't make.
• Watch for the exchange's Proof of Reserves update if it publishes one.
• Don't act on rumors, screenshots or "insider" posts. Wait for official word.

2. If you hold crypto on an exchange

• Don't panic. When withdrawals reopen, service may be slow at first; there is no need to race. During a suspension you can't move funds anyway; repeated attempts or "workaround" offers are how people get scammed.
• Document everything: screenshot your balances, open orders and recent history, with the date and time.
• Lock down your account: turn on app-based or hardware-key 2FA (not SMS if you can avoid it), turn on a withdrawal address allowlist, and use a unique password.
• Know your options: self-custody (holding your own keys) removes exchange risk but makes you fully responsible for your keys. Learn the basics before moving large amounts.

3. Wallet security basics

• Never share your seed phrase — no real exchange, support agent or "recovery service" will ever ask for it.
• A hardware wallet keeps keys offline. Buy only from the maker or an authorized seller.
• Review and revoke old token approvals you no longer use (tools such as revoke.cash show them).
• Beware drainer links: "claim your refund" or airdrop pages that ask you to connect a wallet and sign can empty it.

4. Real messages vs scams

• Expect fake "refund," "compensation" or "verify your account" emails and texts after any hack.
• Impersonator "support" accounts on X, Telegram and Discord will DM you. Real support won't DM first.
• Only use the official domain and app. If the exchange offers an official tool to verify its staff or links, use that — and get it from the official site.
• Binance itself says: "Please rely only on official Binance channels for updates." (Binance)

5. Where to report

• Your exchange's support, via its official app or site.
• FBI Internet Crime Complaint Center: ic3.gov
• FTC: reportfraud.ftc.gov
• Your state regulator: your state securities regulator (NASAA directory) and state financial/banking regulator. Find your state's rules and contacts on CryptoByState state pages.
• Scammed at a crypto ATM? See our ATM scam guide.

Not sure what applies in your state?

Our free state counselor gives plain-English answers on the rules where you live.

Not financial or legal advice. CryptoByState is neutral and does not recommend any exchange. Facts as reported by the linked sources as of 7:55 AM CT, Oct 30, 2026; this story is still developing.

— Stew David, CEO, CryptoByState · [email protected] | cryptobystate.com