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An independent record of the October 2026 Binance hack
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Idan Ofrat, co-founder and chief product officer at Fireblocks, said exchanges typically keep enough funds in hot wallets to cover a few days of expected withdrawals, often representing a low single-digit percentage of assets under management.
From this source: Binance’s $6.3B hack leaves questions over hot wallet safeguards, with all of its statements.
Transaction limits enforced by the application requesting a signature can be bypassed if that application is compromised, Riss said. Limits enforced independently by the signing system may still restrict transfers.
Alex Tobol, chief technology officer at Telegram-based crypto wallet Walt, said holding billions of dollars in hot wallets is not inherently unusual for an exchange of Binance’s size.
Riss said the $6.3 billion figure represented the cumulative value of assets affected across 10 blockchains.