Two security breaches in the same week, including the largest cryptocurrency theft on record, have raised questions about storing funds on crypto exchanges. A Binance security incident affected some $6.3 billion in client assets, while Polymarket temporarily halted trading on its international exchange after a third-party data provider was hacked, with at least $2.7 million drained from user wallets. Unlike bank deposits insured by the FDIC, there is no similar coverage for funds lost from crypto exchanges, though Binance and Polymarket pledged to make affected users whole. Experts told CNBC the incidents are not surprising and expect more security incidents in the near term, with crypto seen as a unique target given how quickly users can access large amounts of liquidity. U.S.-regulated platforms Coinbase and Robinhood were not affected, and CFTC Chairman Michael Selig said offshore exchanges lack the safeguards found in U.S. financial markets.
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Related tickers and likely impact
BNB/USDT
▼ Likely negativeBNB
Relevance: high
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Exchange tokens |
| Market cap | $97.5B |
| Close on 10/30/2026 | 704.42 |
| Change that session | +0.85% |
BTC/USDT
▼ Likely negativeBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/30/2026 | 77,368.77 |
| Change that session | -0.80% |
ETH/USDT
▼ Likely negativeEthereum
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $285.6B |
| Close on 10/30/2026 | 2,245.54 |
| Change that session | -0.34% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Crypto wallet maker Keystone to destroy almost 19,000 devices after security breach
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- Binance says 90% of $6.3 billion hack losses are now covered, plans to resume withdrawals Sunday
Binance said it has covered up to 90% of the roughly $6.3 billion in tokens stolen from its hot wallets in a record crypto theft, and will keep buying the rest until coverage reaches 100%. The exchange said BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are fully backed, while the outstanding 10% consists of less liquid tokens outside its top 10. Funds come from its Secure Asset Fund for Users (SAFU), part of its Futures insurance fund and corporate treasury, and its next milestone is resuming withdrawals by Sunday, subject to security checks. The attack's method remains unclear: Binance first pointed to a compromised DevOps engineer's laptop, but co-CEO Richard Teng later said it involved a more complex process. TRM Labs pointed to North Korean hackers, citing similarities with the Bybit and KelpDAO hacks in April 2026.
- Binance says 90% of stolen assets replenished, targets Sunday withdrawals
Binance said on Saturday it had replenished 90% of the assets stolen in its $6.3 billion hack, up from about 80% a day earlier. Less-liquid tokens are covering the remaining shortfall as the exchange keeps buying replacement assets through market and over-the-counter trades. The exchange said it remained on track to resume withdrawals on Sunday.
- Bitcoin held up better than expected after Binance hack, Strive CEO says
Strive CEO Matt Cole said the Binance hack has not changed his long-term investment case for Bitcoin, though it is too early to determine whether prices have bottomed. Bitcoin traded near $77,400 on Saturday afternoon, about 4% below its level before the attack began on Thursday, according to CoinGecko. Glassnode said the $6.3 billion breach is the largest cryptocurrency hack on record, exceeding the combined losses of the next nine largest hacks. Cole likened the attack to a bank robbery rather than a failure of Bitcoin's network, and Strive reported holding 43,000 BTC as of Oct. 23.
- Binance says it has replaced 90% of stolen crypto after massive $6.3 billion breach
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