# Is Binance safe after the October 2026 hack? > Is Binance safe after the October 2026 hack? Binance’s dated statements on withdrawals and SAFU, exchange risk vs account risk, and settings to check. **Short answer:** “Is Binance safe?” has no reliable yes-or-no answer after the 29 October 2026 Binance hack. Binance reported a security incident and initially estimated the impact at about $6.3 billion ([Binance, 30 October 2026](https://www.binance.bh/en/support/announcement/detail/c5a8729a97ac486d963784d96c5642d7)); it later said it would absorb the financial impact and had replenished most affected token assets ([Binance, 3 November 2026](https://www.binance.com/en-NG/blog/community/3229153443759566763)). Those are dated company statements; they do not remove the risk that the exchange could face another incident or temporarily restrict withdrawals. You can reduce some risks from someone entering your own account by checking its security settings, but those settings cannot repair Binance’s custody systems or guarantee withdrawal access. Use the checks below, then decide how much exchange and withdrawal risk you are willing to accept. ## Is Binance safe after the 29 October hack? Binance reported unauthorised withdrawal transactions, which [Elliptic, 30 October 2026, updated 1 November](https://www.elliptic.co/insights/binance-largest-hack-in-history/?hl=en-US) dates to 29 October 2026. Its estimates and statements describe what Binance and other named sources said, not an independent audit of the incident. ![Timeline: Binance's reported 29 October incident, dated response and recovery updates, issuer freeze statement, and the reported FBI attribution.](/img/blog/is-binance-safe/incident-timeline.svg) _Timeline of dated primary-source statements about the incident. Source: Binance, Tether, TRM Labs and Elliptic, checked November 2026._ On 30 October, Binance said its initial investigation suggested a compromised DevOps engineer’s laptop had enabled unauthorised withdrawal transactions. It said the estimated impact was about $6.3 billion, around $3 billion had been frozen on-chain, and Binance withdrawals were temporarily suspended ([Binance, Security Incident Update, 30 October 2026](https://www.binance.bh/en/support/announcement/detail/c5a8729a97ac486d963784d96c5642d7)). Binance also said it had found no evidence of a wallet private-key leak. Its later technical account described the investigation as ongoing and subject to independent review ([Binance, initial findings, 3 November 2026](https://www.binance.com/en-NG/blog/community/3229153443759566763)). Binance’s later figures are not all the same measure. On 2 November it said about 95% of the impacted amount was covered and reported a proof of reserves snapshot for ten tokens; on 3 November it reported 98% replenished as of 31 October and said about $2.85 billion had been frozen or intercepted, subject to reconciliation and market-price changes ([Binance Support, 2 November 2026](https://www.binance.com/en/support/announcement/detail/185bd9a4717f44088b3be70287b8237f); [Binance Blog, 3 November 2026](https://www.binance.com/en-NG/blog/community/3229153443759566763)). Read each percentage with its update date and stated scope. The reported totals also differ by source. Binance reported about $6.34 billion impacted; TRM Labs traced about $6.36 billion across ten blockchains, while Elliptic estimated $6.43 billion across eleven. These are each organisation’s own reported totals, not one reconciled figure ([TRM Labs, 3 November 2026](https://www.trmlabs.com/resources/blog/binance-hack-update-north-korea-launders-proceeds-through-self-minted-tokens-and-chained-bridges); [Elliptic, 30 October 2026, updated 1 November](https://www.elliptic.co/insights/binance-largest-hack-in-history/?hl=en-US)). Tether separately said it froze more than $1.5 billion in USDT within 30 minutes of the incident ([Tether, 2 November 2026](https://tether.io/news/tether-freezes-over-1-5-billion-from-binance-hack-keeping-funds-out-of-north-koreas-reach/)). Elliptic reports that on 31 October the FBI attributed the theft to North Korea, naming the TraderTraitor group ([Elliptic, 30 October 2026, updated 1 November](https://www.elliptic.co/insights/binance-largest-hack-in-history/?hl=en-US)). We could not open the FBI’s own page for this article. The attribution is about who took the funds; it is not a finding about the security of any individual Binance account. As of Binance’s 6 November update, withdrawals were reopening in phases. It said each asset and network would return as readiness checks were completed, and told users to check the withdrawal page for their chosen asset and network or the network-status page ([Binance Support, Recovery Update #9, 6 November 2026](https://www.binance.com/en/support/announcement/detail/a2dd10b860a14c35a856fe9d66d6032c)). So a withdrawal being available for one asset does not establish that another is available. ## What has Binance said about users’ losses and the Binance SAFU fund? Binance has said that users will not bear the incident’s financial impact and that it would use its resources, including SAFU, to cover the stolen assets. Treat that as Binance’s stated commitment, supported by its own dated updates and reserve snapshots, rather than a general guarantee against future losses. In an update dated 3 November, Binance said 98% of affected token assets had been replenished as of 31 October. It reported about $2.85 billion frozen or intercepted, with the figure subject to reconciliation and price volatility ([Binance Blog, 3 November 2026](https://www.binance.com/en-NG/blog/community/3229153443759566763)). A Binance support update on 2 November said a zero-knowledge proof for its 31 October snapshot was available for ten tokens, and that the snapshot covered those tokens at least 1:1 ([Binance Support, 2 November 2026](https://www.binance.com/en/support/announcement/detail/185bd9a4717f44088b3be70287b8237f)). SAFU means Secure Asset Fund for Users. Binance describes it as an emergency reserve for exceptional incidents. In its 31 October recovery update, Binance said it planned to replenish SAFU to approximately $1 billion; that is a stated target, not a claim about the fund’s current balance ([Binance, Recovery Update No. 3, 31 October 2026](https://www.binance.com/en/square/post/383334055914175)). SAFU is not a reason to assume every loss, account restriction or future withdrawal delay will be covered. ## Which Binance risks can you control? You can make it harder for someone to use your account or redirect its withdrawals. You cannot use a personal account setting to prevent an exchange-level custody incident, prove that all obligations are covered, or guarantee that withdrawals will remain available. | Setting or check | What it can help prevent or reveal | What it cannot do | Binance’s documented browser path | | ---------------------------- | --------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Withdrawal address whitelist | Blocks withdrawals to addresses that are not on your list while enabled. | Does not stop a custody incident at Binance or help if an approved address is wrong or compromised. | **Settings → Withdrawal → Address Management** ([Binance Support, updated 22 October 2026](https://www.binance.com/en-PH/support/faq/detail/1d08944f103b4fc78d3519913b600086)) | | Anti-phishing code | Helps you identify genuine Binance email and SMS by checking for the code you set. | Does not prove that every message is safe, or protect funds held by the exchange. | **Profile → Account → Security → Advanced Security → Anti-Phishing Code** ([Binance Support, updated 28 August 2026](https://www.binance.com/en-NZ/support/faq/detail/311927d6c4b4478ba094fc6a611d5201)) | | Passkey or authenticator 2FA | Adds a second sign-in check; Binance lists passkeys and authenticator apps as alternatives to SMS verification. | Does not stop exchange-side failures or prove that a withdrawal request is legitimate. | **Profile → Account → Security** (path from [Binance’s anti-phishing instructions](https://www.binance.com/en-NZ/support/faq/detail/311927d6c4b4478ba094fc6a611d5201); methods from [Account Security Tips](https://www.binance.com/en-AU/support/faq/detail/360000106932)) | | Device and activity review | Shows authorised devices and recent account activity so you can remove a device you do not recognise. | Does not show whether Binance’s own systems or custody are secure. | **Dashboard → Security → Device and Activities** ([Binance Academy, checked November 2026](https://www.binance.com/en/academy/articles/secure-your-binance-account-in-7-simple-steps)) | | API key review | Lets you delete a key you think is compromised, replace old keys and limit permissions on keys you still use. | Does not affect exchange custody. If you never created a key, there may be nothing to review. | The API key page in your account; the cited guide names no menu path ([Binance Academy, API key permissions](https://www.binance.com/en/academy/articles/what-are-api-keys-and-security-types)) | | Binance Verify | Checks whether a URL, email, phone number or social account is officially associated with Binance. | Does not authorise payments, account actions or token listings; a verified contact can still send a misleading request. | **binance.com/official-verification** ([Binance Verify](https://www.binance.com/en/official-verification)) | ## What should you check in your Binance account now? Use a browser and an existing bookmark or type Binance’s address yourself. The paths below follow Binance’s help pages checked in November 2026; page labels can vary by region or account. Budget about 15 minutes. Stop if a page asks you to follow a message link or provide a code to another person. 1. **Check your sign-in methods.** Open **Profile → Account → Security** and confirm that a passkey or authenticator app is enabled. Expected result: Binance shows the method as active. If you cannot access an existing method, use Binance’s account recovery flow reached from its website rather than a link in a message. Binance lists these sign-in methods in its [Account Security Tips](https://www.binance.com/en-AU/support/faq/detail/360000106932). 2. **Review authorised devices and activity.** Open **Dashboard → Security → Device and Activities**. Expected result: you recognise every listed device and recent login. Remove anything you do not recognise; Binance says removed devices must pass an email confirmation before accessing the account again ([Binance Academy, account security guide](https://www.binance.com/en/academy/articles/secure-your-binance-account-in-7-simple-steps)). 3. **Enable the anti-phishing code.** Open **Profile → Account → Security → Advanced Security**, choose **Enable** beside **Anti-Phishing Code**, then create and submit a code. Binance says the code should be between 6 and 8 characters and appear in genuine Binance email and SMS. Expected result: you can recognise the code in a genuine message; it is not a reason to click a link or send funds ([Binance Support, anti-phishing code instructions](https://www.binance.com/en-NZ/support/faq/detail/311927d6c4b4478ba094fc6a611d5201)). 4. **Restrict withdrawals to addresses you already trust.** In **Settings → Withdrawal → Address Management**, enable **Withdrawal Whitelist** and review each saved address and network. Expected result: Binance says withdrawals are limited to addresses on the list. Add an address only when you have independently checked the full address and network. Binance’s page warns that disabling the whitelist may remove that restriction and can trigger a temporary withdrawal suspension if its whitelist limit was enabled ([Binance Support, withdrawal settings](https://www.binance.com/en-PH/support/faq/detail/1d08944f103b4fc78d3519913b600086)). 5. **Review API keys only if you have created them.** Open the API key page in your account, delete any key you think is compromised, and replace old ones. Keep only permissions required by a tool you deliberately use; Binance says a read-only dashboard does not need trading or withdrawal permissions ([Binance Academy, API key permissions](https://www.binance.com/en/academy/articles/what-are-api-keys-and-security-types)). If you have never made an API key, record “none created” and move on. 6. **Verify messages outside the message.** Open **https://www.binance.com/official-verification** by typing it or using your saved bookmark. Check the exact URL, email, phone number or social account that contacted you. Binance says verification confirms identity only; it does not authorise a fee, compensation payment, account action or listing ([Binance Verify](https://www.binance.com/en/official-verification)). Three mistakes can undo these checks. 1. **Treating a message as genuine because it displays a Binance logo or your anti-phishing code.** Fix: open Binance Verify yourself and check the exact sender or URL; Binance says the tool verifies identity only and never requests funds through private communications ([Binance Verify](https://www.binance.com/en/official-verification)). 2. **Adding a withdrawal address without checking both its full address and network.** Binance’s form asks you to choose the network for a specific coin, so compare both before saving ([Binance Support, withdrawal settings](https://www.binance.com/en-PH/support/faq/detail/1d08944f103b4fc78d3519913b600086)). 3. **Assuming an announced reopening means your asset can be withdrawn.** Binance says reopening is phased by asset and network, so check the selected pair on its withdrawal page or the network status page ([Binance Support, 6 November 2026](https://www.binance.com/en/support/announcement/detail/a2dd10b860a14c35a856fe9d66d6032c)). For a wider message-checking method, see [how to verify promoted claims without the sender’s links](/blog/crypto-pump-and-dump). ## What can these checks not tell you? These checks cannot tell you whether Binance will always keep withdrawals open, whether a later incident will be covered, or what your rights are under the terms and laws that apply to you. They can tell you whether you have enabled protections against some forms of account misuse and what Binance has said about the incident at specific dates. If you keep assets on an exchange, you accept that custody and access depend on that exchange as well as on your own account security. Holding assets under a different form of custody changes, rather than removes, your points of failure. No setting makes either choice risk-free. For the exchange-side consequences and withdrawal process, see [how withdrawals work and the risks to consider](/blog/withdrawals-and-risk). If withdrawals are suspended, do not use a message link or pay a third party to “release” funds; check Binance’s official status and support pages from your own browser. ## What this means for your money Decide by asking whether you accept Binance’s dated account of the incident and its stated financial commitment, while recognising that this does not guarantee future custody or withdrawal access. Then review the account settings above and decide what exchange exposure you are willing to keep. A security checklist can lower some account-side risks; it cannot settle whether an exchange is safe for every person, amount or country. We run Cointrapper, a private, invite-only algorithmic trading pool on Binance. The money is held and traded on the pool’s Binance accounts. Account access is split between the manager and risk manager. Moving money out of the exchange requires several levels of confirmation. We explain the security arrangements on a call. We are not a neutral party on this question. [AUTHOR: Were the pool's Binance accounts or withdrawals affected by the 29 October incident, and what can we say about it publicly?] Futures trading and pooled investing are high risk. Your entire investment can be lost, and capital is not insured. Nothing here is individual investment advice, and exchange rules and security settings change — check the current documentation and the terms that apply to your account before acting.