
Exchange says $6.3 billion incident reached beyond one engineer's laptop; rivals tighten defenses as stablecoin issuers freeze funds
Binance said in an October 30 update that its preliminary inquiry into the record theft found compromises beyond the employee laptop first identified. It is targeting a phased restart of withdrawals today, subject to security checks. The exchange has set aside more than $6.34 billion in company funds and affected tokens to cover customer losses. Those findings and the restart date are company statements and plans, not independently verified. Gulf News reported that Tether froze nearly $1.57 billion linked to the incident and Circle froze another $800 million. Coinbase is adjusting its safeguards. Bloomberg reported that the attackers rehearsed first, running test code on Ethereum accounts a few dollars at a time days before the theft. Bitcoin was trading near $77,000 on Saturday, according to crypto press reports.
Why it mattersThe size of the theft and how it was carried out are testing industry security practices, and today's withdrawal restart will show whether customer assets are fully backed.

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