After an exchange hack: how airdrop hunters keep their funds safe
On October 29, 2026, Binance reported a hack of about $6.3 billion, reported as the largest in crypto history. This is what has been reported, and what it means for how you hold your crypto.
What has been reported
- Binance said it will absorb the losses itself, not its users, and that it has replaced most of the stolen crypto.
- It began reopening withdrawals in phases on November 1, starting with a limited set of coins.
- Large net outflows followed: Binance reported about $3.64 billion net withdrawn in the first hours.
- An updated proof-of-reserves report was expected.
- Researchers attributed the attack to a North Korea-linked group.
What to do
- Keep long-term funds in a wallet you control. Money left on an exchange depends on that exchange.
- Use a separate wallet for airdrop activity with only a small balance, so a mistake cannot reach your main funds.
- Expect phishing. After big hacks, fake "compensation" or "recovery" sites appear. Use only the exchange's official site and app.
- Never share your seed phrase or private key. No exchange or airdrop asks for it.
- Revoke old token approvals you no longer need.
This is general information, not financial advice. Check official announcements for the current state of any exchange.
Read also: how to spot a fake airdrop and how to check an airdrop's real status.