Binance says it will cover all losses after security breach

The exchange made the commitment on 30 October following reports of suspicious on-chain activity. Tether has already frozen $971 million in USDT linked to the incident.

By Akshat Mishra, YourKhabri DeskOct 30, 2026, 12:46 AM UTC1 min readBinanceTetherSecurityHacks

Key takeaways

1Binance committed to covering all user losses on 30 October
2Tether froze $971 million in USDT linked to the suspicious activity
3Elon Musk commented on the security situation on 29 October

Binance said on 30 October it will cover all user losses resulting from a security breach on its platform. The announcement follows reports of suspicious activity that began on 29 October.

Watcher Guru reported that the exchange will reimburse users for any funds lost during the hack. This follows a move by Tether to freeze $971 million in USDT linked to the incident. Binance had not previously confirmed a breach had taken place despite the on-chain evidence.

Binance is the world's largest cryptocurrency exchange by trading volume. Large-scale hacks often trigger responses from stablecoin providers to prevent the movement of stolen assets. Tether has a market capitalisation of $180.9 billion, according to YourKhabri data from 29 October.

Investors are now waiting for a full technical report from Binance regarding the cause of the exploit. Elon Musk described the situation on 29 October by stating that 'everyday is zeroday' after the suspicious activity was first detected.

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