Yi He said user funds are safe, Binance will cover all hacking losses, deposits and withdrawals are temporarily suspended
On October 30, 2026, Binance co-founder Yi He posted on X that user funds are safe. She said that Binance will cover all hacking losses. Deposits and withdrawals are temporarily suspended, and the team is conducting security checks, freezing funds and working with law enforcement agencies. She said she will share a full postmortem after the investigation is completed, and asked users to rely only on official Binance channels for updates.
On the same day, Binance’s official account also posted confirmation that it will cover all losses, and said deposits and withdrawals are temporarily suspended, while the team is conducting security checks, freezing funds and working with law enforcement agencies. The official account said this is an industry-wide collaborative effort and thanked partners for quickly helping freeze related assets. Binance had previously said that the currently verified total amount frozen is $2.54 billion, and that it may continue to increase. The Arbitrum Security Council has executed a transaction freeze on related assets worth about $30.5 million.
Original sources:
Title: User funds are safe. Binance will cover all hacking losses. Publisher: Yi He (@heyibinance) Publication date: 2026-10-30 URL: https://x.com/heyibinance/status/2115958049244631357 Source nature: Original post by company-related personnel Verification status: Relevant content read in this session, verification date 2026-10-29 Supporting content: Yi He said user funds are safe, Binance will cover all hacking losses, and deposits and withdrawals are temporarily suspended
Title: We are working non-stop to resolve this issue. Binance will cover all losses. Publisher: Binance (@binance) Publication date: 2026-10-30 URL: https://x.com/binance/status/2115960292115124558 Source nature: Official announcement Verification status: Relevant content read in this session, verification date 2026-10-29 Supporting content: Binance officially confirmed it will cover all losses, and deposits and withdrawals are temporarily suspended
ABAB AI Insight
Yi He and Binance’s official account both stated that they will cover all hacking losses, which is a commitment by the company to user funds. This statement is separate from on-chain asset freezing operations: the freeze is carried out by the issuer, the Security Council, or partners, while the coverage commitment means Binance bears the final losses. The temporary suspension of deposits and withdrawals is a risk-control measure that restricts fund inflows and outflows until security checks are completed.
On the capital side, the previously verified total amount frozen was $2.54 billion, and the Arbitrum Security Council additionally froze about $30.5 million in related assets. The unfrozen portion still depends on subsequent tracing and law enforcement cooperation. Yi He said she will share a full postmortem after the investigation is completed; the specific cause of the incident, the final loss amount, and details of the coverage mechanism have not yet been disclosed.
Unlike relying solely on on-chain freezes, the company’s coverage commitment means that users’ final compensation is borne by the exchange. The key indicators to watch are whether Binance resumes deposits and withdrawals, and the specific disclosure of the loss scale and coverage arrangements in the postmortem.
ABAB News · Cognitive Law
An exchange’s commitment to cover user losses and on-chain asset locking are operations at different levels; the former means the company bears the final compensation.
Suspending deposits and withdrawals is a risk-control measure, and resumption depends on the completion of security checks.