Binance reports US$3bn frozen in hack probe as Binance TH suspends crypto deposits and withdrawals

Binance said US$3 billion in crypto assets had been frozen during an investigation into suspicious transactions, while Binance TH suspended digital asset deposits and withdrawals for security checks and said its customers’ assets remained safe.

The global exchange, the world’s largest cryptocurrency trading platform, disclosed the frozen assets on October 29, 2026, according to Reuters. The amount was equivalent to about 97.5 billion baht.

An initial inventory valued transactions linked to the incident was at US$5.613 billion, or approximately 182.4225 billion baht. That inventory did not establish the final value of assets stolen or the exchange’s losses.

Binance TH pauses deposits and withdrawals

Gulf Binance Co., Ltd., the operator of Binance TH, described its suspension as a precaution while specialists carried out detailed security checks.

Gulf Binance said its Thai customers’ digital assets remained safe because Binance TH’s cold wallets, which store assets offline, were strictly separated from Binance’s wallets. The Thai platform operates through an independent legal entity with its own custody system, the company said.

Other Binance TH services continued normally, Gulf Binance said. The company pledged to restore deposits and withdrawals as soon as verification was complete, with customer asset security its highest priority.

Binance’s global platform also suspended withdrawals during its security review and said services would resume once the problem was fully resolved. Binance Alpha trading was temporarily halted as a precaution, while Binance maintained that users’ funds were safe.

Binance advised customers to follow official updates and watch for scammers exploiting the incident to deceive users or obtain account information.

Binance pledges compensation as issuers freeze assets

Binance co-founder Yi He said the company would cover all losses from the hack, without providing further details at that stage.

Binance said the frozen total could increase as it worked with law enforcement agencies, token issuers, blockchain intelligence companies and industry partners to trace funds and prevent further transfers.

Tether said it had frozen almost US$1.57 billion, approximately 51.025 billion baht, linked to the incident. Circle froze more than US$800 million, equivalent to over 26 billion baht.

Yi He said Ripple had frozen about US$200 million, or 6.5 billion baht. Jack McDonald, Ripple’s senior vice president of stablecoins, said the company was examining reports of a possible Binance exploit, freezing affected assets and coordinating with relevant parties.

World Liberty Financial, the crypto company linked to US President Donald Trump and his family, said it had worked with digital asset custodian BitGo to freeze funds from what it described as a Binance hack.

Yi He put the World Liberty-related amounts at US$27 million in stablecoins, equivalent to 877.5 million baht, and approximately US$2 million in World Liberty tokens, or 65 million baht.

Binance co-founder Changpeng Zhao, who no longer manages the exchange, said on X that the incident appeared to be a hack.

Binance’s website describes its Secure Asset Fund for Users, or SAFU, as a reserve intended to protect users’ assets during security breaches. The fund holds its assets entirely in bitcoin.

Initial asset inventory totals US$5.613 billion

The breakdown listed eight named digital assets and an additional category:

- Bitcoin (BTC): US$1.45 billion
- Ethereum (ETH): US$875 million
- TRON (TRX): US$234 million
- Tether Gold (XAUT): US$50 million
- Tether (USDT): US$1.57 billion
- USD Coin (USDC): US$823 million
- Wrapped Beacon ETH (WBETH): US$75 million
- Ripple USD (RLUSD): US$88.5 million
- Other digital assets: approximately US$447.5 million

Earlier report had cited roughly US$5.7 billion, or 185 billion baht, in transactions, although its itemised figures also added up to US$5.613 billion.

The reported transaction values, amounts frozen and eventual losses represent different measures. Freezing assets restricts their movement but does not mean all the money has been recovered or can immediately be returned to its owners.

Blockchain transfers can also reflect movements between wallets, changes to custody arrangements or internal liquidity management. At that stage, Binance had acknowledged unusual activity without announcing a conclusion on whether a cyberattack had occurred or customers’ assets had been affected.

Miguel Morel, chief executive of blockchain intelligence company Arkham, said available data indicated that an unidentified actor appeared to have taken billions of dollars from Binance, although the precise cause had not been established.

Chainalysis said the incident could become the largest crypto theft on record. The final scale would depend on verified stolen amounts, assets frozen or recovered, and the investigation’s findings.

Bitcoin and BNB fall as concerns spread

Bitcoin fell about 2% to US$77,646 in early Asian trading on October 30, reaching a six-week low. Ether declined about 2% to US$2,238.76, its lowest level in two months.

BNB dropped more than 8% over 24 hours to US$694, according to CoinGecko figures cited at the time of the report. The token was originally launched as Binance Coin and can be used to pay fees on the exchange.

Shares in Coinbase Global fell 4.8%, while shares in bitcoin buyer Strategy lost almost 6% in extended US trading.

Binance.US, which operates separately from Binance, said it was unaffected. Coinbase also said it was unaffected and was following developments closely.