Binance founder warns users of scams as Bitcoin steadies after record hack
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The Binance hack highlights the persistent threat of scams post-breach, emphasizing the need for heightened vigilance and robust security measures.
Changpeng Zhao flagged a wave of scams targeting hack victims while Bitcoin clawed back from a six-week low
Mon 2 Nov 2026 · 08:34 EST · 2 min read
In Finance
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Changpeng Zhao has a message for Binance users: the hackers may be gone, but the scammers just arrived. The Binance founder warned on November 2 that fraudsters are actively targeting people caught up in the exchange’s record-breaking breach.
The largest crypto heist on record
On October 29, 2026, attackers drained approximately $6.3 billion from Binance’s hot wallets. That makes it the largest hack in history, and it touched 10 blockchains.
Blockchain analytics firms TRM Labs and Chainalysis attributed the breach to TraderTraitor, a group linked to North Korea.
Binance moved quickly to contain the damage. The exchange suspended withdrawals and worked with partners and issuers to freeze around $3 billion in stolen assets.
Stablecoin issuers did a lot of the heavy lifting. Tether and Circle helped freeze an estimated $2.4 to $3 billion in stablecoins suspected of being tied to the attack.
Coinbase also provided security support.
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Binance says users won’t pay the bill
The exchange announced it had set aside $6.34 billion in company funds to cover user losses.
CZ has pointed to the Secure Asset Fund for Users, better known as SAFU, as proof the safety net works. He has also stressed transparency around the exchange’s reserves.
Binance has started resuming withdrawals in phases. Users still voted with their feet. Net outflows from Binance reached roughly $3.64 billion, though the pace of withdrawals has slowed.
Bitcoin finds a floor
Bitcoin felt the pressure. The price slid to a six-week low of around $76,000 as panic spread through the market. It then recovered to above $78,000 over the following weekend.
Why the scam warning matters
CZ’s alert on November 2 targeted a predictable second wave. Whenever a major platform is breached, fraudsters show up pretending to offer refunds, recovery services or account verification.
With withdrawals halted and then reopening in phases, confusion about what is legitimate runs high. Any unsolicited message offering to recover lost funds deserves deep suspicion, no matter how official it looks.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.