Binance founder calls $6.3bn hack a major disaster for the industry

Changpeng Zhao said the crypto sector will survive the multi-billion dollar loss as Tether freezes nearly $1bn in linked funds and US federal agencies investigate.

By Akshat Mishra, YourKhabri DeskOct 30, 2026, 04:26 PM UTC1 min readBinanceHackSecurityChangpeng Zhao

Photo: Aevozer, CC BY-SA 4.0, via Wikimedia Commons

Key takeaways

1Binance founder Changpeng Zhao called the $6.3bn hack a major disaster for the industry
2Tether froze $971m in USDT linked to the security breach on 29 October
3The FBI and Secret Service are investigating the multi-billion dollar loss

Binance founder Changpeng Zhao described a $6.3bn hack on the exchange as a major disaster for the industry on 30 October. He said the event hurts but insisted the sector would survive the loss. The statement follows reports of one of the largest security breaches in the history of digital assets.

Tether froze $971m in USDT linked to the hack on 29 October to prevent the movement of stolen assets. Binance is currently working with the FBI and the Secret Service to investigate the source of the breach. Coinbase chief executive Brian Armstrong also said his team is assisting with the recovery efforts.

Binance is the world's largest cryptocurrency exchange by trading volume. Security breaches of this scale often lead to immediate price volatility across the market. Wall Street analysts from three firms have already advised investors to buy crypto stocks following the price dip caused by the news.

Investigators are now tracking the remaining billions in stolen tokens across multiple blockchains. The exchange has not yet confirmed the full technical details of how the security breach occurred. Market participants are waiting for further updates from the FBI and the Secret Service regarding the identity of the attackers.

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Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.