Binance Forms 100-Person Team After Attack Moves More Than $6 Billion

Binance formed a roughly 100-person multinational response team after attackers moved more than $6 billion in assets from its wallets, putting security at a major global crypto exchange in focus.

The attack began after 4 p.m. ET Thursday, Oct. 29 (20:00 UTC), corresponding to after 4 a.m. Beijing time Oct. 30. Security researchers had identified earlier tests of malicious code through Ethereum accounts controlled by the attackers. Each test cost only a few dollars. The attack was estimated at about $6.3 billion, while transfers exceeded $6 billion. The early tests used Ethereum accounts; the later transfers affected at least four blockchains.

A Binance co-CEO first noticed unusual activity on X, prompting the exchange to quickly organize its response group. The multinational team coordinated with security firms and law enforcement to trace the transferred funds.

Some Binance employees privately worried the incident could affect year-end bonuses. A Binance spokesperson said the company expects no impact on those payments.