Binance hack: what users should do now, and the scams to watch for

If you have a Binance account, the news of a $6.3 billion hack is alarming. Binance says user funds are safe and that it will cover all losses, but hacks of this size also bring a wave of scams aimed at worried customers. This guide sets out what Binance has said, the steps that make sense now, and the frauds to watch for.

For what’s known about the hack itself, see the $6.3 billion Binance hack.

What Binance has told users

According to Binance’s statements, as reported on 29 and 30 October 2026:

• “User funds are safe”, and Binance will “cover all losses”.
• It suspended deposits and withdrawals after the incident. According to NPR, Binance later said deposits were unaffected and that it expected withdrawals to resume within a day or two.
• Its security teams would post updates through official channels.
• Users should avoid scams and not trust unofficial links, messages or requests for account information.

The figures and timings may change. Check Binance’s official app and website for the latest.

Step 1: get updates only from official channels

During a crisis, fake “Binance” messages multiply. Stick to:

• the official Binance app, opened directly, not from a link;
• the website you normally use, typed in yourself;
• official social media accounts you’ve verified.

Ignore unsolicited texts, emails, calls and direct messages, even if they know your name or account details.

Step 2: watch for the scams that follow hacks

The FTC says scammers impersonate well-known companies, claiming there’s fraud on your account or your money is at risk, and telling you to send crypto to fix it. After a hack, that script is easy to believe. Common versions:

The FTC’s rules apply to all of them:

• No legitimate business will demand you send crypto, not to protect your money and not to buy anything.
• Never click a link in an unexpected message, even if it seems to come from a company you know.
• Don’t pay anyone who contacts you unexpectedly demanding crypto.

See crypto recovery scams and fake support calls after a data breach.

Step 3: secure your account

Binance’s explanation so far describes attackers getting into its own systems through a compromised laptop. Still, a high-profile incident is a good moment to check your setup:

• use a strong, unique password for your exchange account and your email;
• switch to an authenticator app or security key rather than SMS codes. See SIM swaps and two-factor authentication;
• review API keys, connected apps and authorized devices, and remove any you don’t recognize;
• never share your recovery phrase or one-time codes with anyone.

Step 4: keep records

Take screenshots of your balances and recent transactions around 29 October 2026, and download your transaction history once the platform allows it. If anything goes wrong with your balance, or with a reimbursement, those records are your evidence. They also matter for tax. See Form 1099-DA explained.

Step 5: think about where you keep crypto

This hack is a reminder of how exchange custody works: when your coins are on an exchange, you rely on the exchange’s security and its willingness and ability to cover losses. Crypto held on an exchange isn’t protected by government deposit insurance. See when a crypto exchange is hacked, who pays? and hot vs cold wallets.

If you’ve been scammed

• US: report it to the FBI at ic3.gov and to the FTC at ReportFraud.ftc.gov.
• UK: report it to Report Fraud, or to Police Scotland on 101 in Scotland.
• Canada: report it to your local police and the Canadian Anti-Fraud Centre.

See how to report crypto scams.