Binance founder warns users of scams as Bitcoin steadies after record hack

What happened

Binance founder Changpeng Zhao warned users on November 2 that scammers were targeting people affected by the exchange’s October 29 hack. Attackers drained about $6.3 billion from hot wallets across 10 blockchains. Binance suspended withdrawals, froze assets with partners, set aside $6.34 billion for user losses, and began restoring withdrawals in phases.

Confirmed

Global impact / market context

The breach and withdrawal pause could weaken confidence in Binance, encouraging users to move funds elsewhere and reducing the exchange’s activity and fee revenue. Binance’s funds and frozen assets may limit user losses, but scammers could add further harm by exploiting victims seeking help or account access.

Analyst inference

The article says Binance saw roughly $3.64 billion in net outflows, although withdrawals slowed, and that Bitcoin felt pressure after the hack. The link is plausible: concerns about exchange safety can prompt users to sell or transfer crypto, but the supplied text gives no subsequent price details.

Analyst inference

What to watch

1. Watch whether Binance completes its phased withdrawal restart and whether outflows continue to slow; persistent withdrawals could reduce the exchange’s available customer funds and trading activity. Analyst inference
2. Watch for updates on the estimated $2.4–$3 billion in frozen stablecoins and Binance’s $6.34 billion loss reserve; confirmed recoveries could affect how much users ultimately lose. Analyst inference
3. Users should treat unsolicited messages about recovering hacked funds cautiously, as Zhao said scammers were targeting people affected by the breach. Confirmed

Affected assets

• BTC — Bitcoin
• USDT — Tether

Evidence

• cryptobriefing.com