Storyline · technology · 7 reports from 6 newsrooms
Binance hack prompts massive fund withdrawals
First reported Oct 29, 6:27 PM ET · Latest Nov 1, 1:53 PM ET · Explainer updated Nov 1, 2:01 PM ET
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Why it was in the Relay Update: Reported independently by 2 newsrooms, less than an hour old when it aired, picked for the Top Stories desk.
Where things stand
Investors have withdrawn $3.6 bn (£2.7 bn) from Binance as the exchange begins allowing withdrawals after a record $6.3 bn theft, the Guardian reports.
Relay Note
Binance has halted transactions and paused withdrawals while it conducts security checks, and the company says it is investigating a potential security issue. The founder described the incident as looking like a hack, and one newsroom reports that estimates suggest hackers may have taken billions of dollars’ worth of crypto.
However, reports differ on how much crypto was frozen: one newsroom says “billions” were frozen, while another puts the figure at $2.5 billion.
Written by AI only from this story's record below, and checked line by line against it. Updated .
The living record of this story: every fact with its status and source, updated as reporting comes in. Version 1, updated . Earlier versions
Facts
What the reporting says
Each fact is matched to the exact words of the report it comes from, and checked that those words really say it. Open one to see the source.
- Reported Binance suspended transactions while conducting security checks. Is this wrong?
Source
- “transactions are suspended while it conducts security checks” — BBC News
- Reported Crypto worth billions was frozen after a suspected Binance hack. Is this wrong?
Source
- “Crypto worth billions frozen after suspected Binance hack” — BBC News
- Reported Binance suspended some trading amid a suspected hack. Is this wrong?
Source
- “The platform suspended some trading while crypto companies froze billions” — Deutsche Welle
- Disputed Crypto companies froze billions in their respective currencies. Is this wrong?
Source
- “crypto companies froze billions in their respective currencies” — Deutsche Welle
- Disputed Crypto firms froze more than $2.5 bn in funds by Thursday evening. Is this wrong?
Source
- “the company said cryptocurrency firms had frozen more than $2.5bn in funds by Thursday evening” — The Guardian
- Reported Binance is investigating reports of a potential security issue. Is this wrong?
Source
- “it is investigating reports of a potential security issue” — The Guardian
- Reported Binance founder said the incident “does look like a hack on Binance”. Is this wrong?
Source
- “its founder said the incident “does look like a hack on Binance”” — The Guardian
- Reported Binance paused withdrawals after a suspected hack. Is this wrong?
Source
- “Binance pauses withdrawals as hackers suspected of stealing billions” — TechCrunch
- Reported Some estimates say hackers stole billions in crypto from Binance. Is this wrong?
Source
- “Some estimates say hackers stole billions in crypto from Binance” — TechCrunch
Where the reporting disagrees
Newsrooms give different answers and nothing has settled it yet. Relay shows both, with the original links, until a later report or an official source does.
Frozen crypto funds
How to read the labels: Reported: one newsroom · Corroborated: two or more independent newsrooms · Confirmed: backed by a primary source such as an official release or filing · Disputed: newsrooms disagree · Updated: replaced by a newer figure. This story as data for AI assistants and developers.
Timeline
What changed: The pull‑out follows a cyberattack that stole billions from customer accounts, which experts attribute to North Korea.
How this story developed
- New Binance suspended transactions while conducting security checks. Crypto worth billions was frozen after a suspected Binance hack. Binance suspended some trading amid a suspected hack. Crypto companies froze billions in their respective currencies.
- Reports differ Reports differ on Frozen crypto funds: The Guardian says $2.5 bn; Deutsche Welle says billions
Every report, newest first
- Investors pull billions in funds from Binance after record $6.3bn hack — The Guardian
Cryptocurrency exchange has begun to allow withdrawals after theft believed to have come from North Korea Investors have pulled $3.6bn (£2.7bn) in funds from the cryptocurrency exchange Binance as it recovers from a record hack in which billions were stolen…
- Binance CEO says 90 percent of stolen assets have been ‘replenished’ — The Verge
After hackers stole a shocking $6.3 billion from Binance customers in a record-breaking crypto heist, the company's CEO says that 90 percent of the funds have been replaced, and the company plans to cover the remaining 10 percent as well. Binance is covering…
- Binance pledges to cover billions in stolen assets after hack revives crypto fears — NBC News
A record-setting cyberattack targeting the world’s largest cryptocurrency exchange has rocked the digital assets industry.
- Crypto worth billions frozen after suspected Binance hack — BBC News
The firm said transactions are suspended while it conducts security checks and will "cover all losses".
- Binance crypto platform suspends trades amid suspected hack — Deutsche Welle
The platform suspended some trading while crypto companies froze billions in their respective currencies. The full extent of the possible hack was not yet clear.
- Crypto firms freeze more than $2.5bn in funds as Binance investigates potential hack — The Guardian
World’s largest crypto exchange said it had not confirmed whether funds had been pilfered Binance, the world’s largest cryptocurrency exchange, said on Thursday it is investigating reports of a potential security issue as its founder said the incident “does…
- Binance pauses withdrawals as hackers suspected of stealing billions in crypto — TechCrunch
Some estimates say hackers stole billions in crypto from Binance, the world's largest cryptocurrency exchange, during a cyberattack on Thursday.
Questions
- It remains unclear how the remaining 10 % of the stolen assets will be reimbursed and what exact methods the hackers used. Open
- It is not clear how the hackers gained access, which specific assets were taken, or the timeline for fully restoring the remaining losses. Open
- It remains unclear exactly how much was stolen and what vulnerabilities the hackers exploited. Open
- How much, if any, of the frozen $2.5 billion was actually stolen, and which specific vulnerabilities were exploited, have not been disclosed. Open
Ask this story
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More: background
Binance, the world’s largest cryptocurrency exchange, was hit by a hack that stole an estimated $6.3 bn – the biggest crypto heist on record. In the days after, the platform halted withdrawals and trading while it investigated and promised to cover all losses.
How this works: stories from different newsrooms are grouped by topic, then AI writes the explainer using only those reports. It may miss context the reports don't include.