This CoinDesk podcast episode discusses the largest hack in crypto history, in which roughly $6.4 billion was drained from Binance across 10 blockchains. A TRM Labs executive breaks down what the breach means for exchange security, while Google Cloud introduces its Google Multi-Party Compute custody system and considers whether it could have prevented the attack. The episode also covers TensorX's push into sovereign AI compute, the rise of 'neoclouds,' and leverage risks in the GPU buildout.
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Related tickers and likely impact
BNB/USDT
▼ Likely negativeBNB
Relevance: high
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Exchange tokens |
| Market cap | $92.9B |
| Close on 11/01/2026 | 712.69 |
| Change that session | +1.24% |
BTC/USDT
▼ Likely negativeBitcoin
Relevance: high
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 11/01/2026 | 78,354.00 |
| Change that session | +1.00% |
ETH/USDT
▼ Likely negativeEthereum
Relevance: high
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $277.2B |
| Close on 11/01/2026 | 2,275.31 |
| Change that session | +0.87% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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Binance has reopened withdrawals after a 6.3 billion USD theft and a 48-hour withdrawal freeze. Outflows reached about 6 billion USD, less than 4% of total holdings, while the exchange also recorded over 1 billion USD in new deposits as customers regained access to funds. The host argues Binance's balance sheet, with over 150 billion USD in customer assets, makes even a 6 billion USD hack not a major problem for the exchange. The episode also covers Strategy's continued bitcoin buying, bringing its holdings to 849,327 BTC, and BlackRock leading an exit from bitcoin ETFs. Bitcoin's price has flattened after the hack fallout, as markets watch the U.S. midterm elections.
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Binance was hacked for about $6.36 billion, described as the largest crypto theft on record. Starting at 20:05 UTC on Thursday 29 October 2026, funds left its hot wallets across ten blockchains, most of them within about 20 minutes. The attackers prepared for at least 36 hours, withdrawing small amounts via Tornado Cash, then at 20:20 UTC pushed through 50 pre-signed withdrawal approvals, moving 167,464 ETH and 63 other assets, including 1.6 billion USDT. Binance first said a DevOps engineer's laptop was compromised, and co-CEO Richard Teng called it a “complex attack”; on Saturday 31 October, the FBI said North Korea was behind it, naming TraderTraitor, the unit it blamed for the $1.5 billion Bybit hack in February 2025. By 00:30 UTC on Friday, about $2.7 billion had been frozen.
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