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The Binance Hack

An independent record of the October 2026 Binance hack

All briefings

Briefing for 2026-11-08

Generated . Each line is a statement somebody made, not a finding of this site.

  1. Reportedclaim Bloomberg Law reported, citing a person familiar with the matter, that Binance had no cyber insurance to claim on.

    insurancebusinessmag.com. Original

  2. Reportedclaim Ari Redbord, global head of policy at TRM Labs, said that a freeze stops the money from moving and that recovery follows through legal process.

    insurancebusinessmag.com. Original

  3. Reportedclaim Jonathan Riss said the $6.3 billion figure represented the cumulative value of assets affected across 10 blockchains.

    Cointelegraph. Original

  4. Reportedclaim 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.

    Cointelegraph. Original

  5. Reportedclaim Alex Tobol, chief technology officer at Walt, said holding billions of dollars in hot wallets is not inherently unusual for an exchange of Binance's size.

    Cointelegraph. Original

  6. Reportedclaim The Block reported, citing an Elliptic report, that around $3.11 billion, mostly in ether and bitcoin, remains in addresses linked to the attack, and that $2.85 billion of the total $6.43 billion has been frozen.

    The Block. Original

  7. Reportedclaim The Block reported that Elliptic wrote that it expects the attackers to swap the rest of the ether for bitcoin in small batches before trying to cash it out through OTC brokers and Chinese money laundering networks.

    The Block. Original

  8. Reportedclaim Ari Redbord argued that stopping such attacks requires offensive action from governments in response to North Korea's use of hackers operating as an arm of the state.

    Cointelegraph. Original

  9. Reportedclaim Changpeng Zhao said it impacts the company, the industry and global finance, that it is all interconnected, and that, given the size of impact, he thinks it is definitely at the national security level as well.

    The Block. Original

  10. Reportedclaim Jonathan Riss said transaction limits enforced by the application requesting a signature can be bypassed if that application is compromised, while limits enforced independently by the signing system may still restrict transfers.

    Cointelegraph. Original

  11. Reportedclaim Chainalysis stated that approximately $2.8 billion in stolen funds had been frozen as of 11:30 AM ET on November 3, 2026.

    Chainalysis. Original

  12. Reportedclaim Decrypt reported that about 33 BTC, worth around $2.5 million, has gone through Wasabi-style coinjoins, and about $1.1 million in ETH and SOL has been deposited into the Privacy Cash pool, which paused deposits for about a day.

    Decrypt. Original

  13. Reportedclaim Ari Redbord noted that North Korea's Oct. 29 theft was equivalent to roughly a third of the country's GDP and accounted for half of the $12.5 billion stolen by state-backed hackers since 2017.

    Cointelegraph. Original

  14. Reportedclaim The Block reported that Binance CFO Kaiser Ng is leaving the exchange and will be replaced by Justin Yek, a former finance executive at payments firm Airwallex.

    The Block. Original

  15. Reportedclaim Yi He said Ng is departing to pursue a new venture, under a transition plan put in place over the past six months.

    The Block. Original