CNBC · 2026-10-30 19:39 UTC

Binance loses $6.3 billion in crypto heist—what happens to your money when an exchange gets hacked

Binance suffered a $6.3 billion security breach, the largest crypto hack on record, after hackers gained unauthorized access to withdrawal systems and crypto wallets. About $3 billion of affected assets have been frozen on blockchain networks, and Binance says it will cover all customer losses using its $1 billion SAFU emergency fund plus over $6.3 billion in company funds. The article discusses risks of exchange hacks and notes that customer recovery varies widely - some exchanges have insurance or emergency funds, while others like Cryptopia took years to distribute assets after liquidation.

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