The BBC reports that Binance has been hit by what may be the largest crypto theft ever. If you hold assets there, secure your account, use only official channels, and watch for the scams that usually follow.
What you need before you start
You need a short checklist and somewhere quiet to work through it. It also helps to be clear about how little is publicly known. The BBC describes the incident as possibly the biggest crypto hack on record. The report summary does not say how the attackers got in, which wallets or services were affected, whether customer balances were touched, or how the exchange is responding. Those details are not known here, so the steps below do not rely on any of them. They are general precautions that apply after any serious breach at a custodial platform.
Before you begin, gather the following:
- Access to the email address linked to your exchange account, and the ability to change its password.
- Your two-factor authentication device or app, plus any backup codes you saved when you set it up.
- A list of the devices and browsers you have used to sign in.
- A record of your holdings. Screenshots or exported statements are both fine.
- If you hold any assets outside the exchange, the details of the wallets you control yourself.
Do all of this on a device you trust, over a network you trust. Avoid public Wi-Fi and shared computers while you work through the steps.
Confirm information through official channels only
When a large hack is reported, unofficial updates spread quickly on social media and in messaging groups. Some are honest guesses and some are deliberate fraud. Only act on information from the exchange’s official website, its verified accounts, or its in-app notifications, and type the web address yourself rather than following a link. Use established news organisations to cross-check. Don’t trust screenshots of supposed announcements, and don’t trust anyone who contacts you first to tell you what to do.
If the exchange announces paused withdrawals, a compensation scheme or a deadline for action, check it in at least two independent places before you respond. Scammers often copy real announcements and swap in their own links.
Secure your exchange account
Even if nothing suggests individual accounts were compromised, use this as a reason to tighten your security. Change your exchange password to a long, unique one you have never used anywhere else. A password manager makes this practical. Then change the password on the email account linked to the exchange, because anyone who controls that inbox can often reset everything else.
Check your two-factor authentication. If you use text messages, switch to an authenticator app or a hardware security key where the platform supports one, because SMS codes can be intercepted through SIM-swap fraud. Look through the list of active sessions and authorised devices and sign out of any you don’t recognise. If the platform supports API keys and you created any for trading tools, delete the ones you no longer need and restrict the rest.
Review your account activity and withdrawal settings
Look through your recent transaction history, login history and security notifications. You are checking for withdrawals you didn’t make, new withdrawal addresses, changed security settings, or sign-ins from places or devices you don’t recognise. If you find any, contact the exchange’s support team through the official app or website straight away, and write down the time and details.
Many platforms let you restrict withdrawals to a pre-approved list of addresses, or add a delay before new addresses can be used. If your account offers these features, turn them on. They limit the damage if someone does get into your account later.
Decide calmly whether to move funds
Moving assets off an exchange to a wallet you control removes your exposure to that platform. It also makes you fully responsible for keeping the assets safe. If you lose the recovery phrase for a self-custody wallet, nobody can get the funds back. Rushing a large transfer while you are anxious can lead to costly mistakes, such as sending to the wrong network or the wrong address.
If you decide to move funds, start with a small test transaction, check it arrives, and only then send the rest. Make sure the receiving wallet supports the asset and the network you are using. If the exchange has paused withdrawals, waiting is your only real option. Be very sceptical of anyone offering a workaround.
Watch for follow-up scams
Large breaches attract opportunists. Common patterns include emails and texts pretending to come from exchange security teams, fake support agents on social media, websites offering refunds or “recovery” services, and requests to “verify” your wallet by entering a recovery phrase. No genuine exchange or recovery service needs your recovery phrase or private keys. Anyone who asks for them should be treated as a thief.
Be careful with unexpected phone calls too. Fraudsters may claim to be from the exchange, your bank or the police, and press you to move funds to a “safe” account. Hang up and contact the organisation through a number or address you have checked yourself.
Keep records
Write a dated record of your balances, the screenshots you took, any messages you received and anything you did in response. If the exchange later publishes a claims process, or if you need to report fraud to the authorities, a clear record will make that much easier. Keep copies somewhere other than the device you use for trading.
Mistakes people actually make
The most common mistake is acting on an unverified message: clicking a link in an email that looks urgent, or replying to a “support” account that got in touch first. Another is entering a recovery phrase into a website or form, which hands over full control of a wallet at once. Some people panic-sell or rush transfers and pay unnecessary fees, or send assets on an incompatible network. Others do nothing at all, assuming an incident at the platform level has nothing to do with their own security settings. Reusing the exchange password on other services is also still common, and it means one leak can expose several accounts.
When this approach is the wrong choice
This checklist is for individual customers who want to reduce their personal risk. It does not replace professional advice if you hold large sums, run a business that relies on the exchange, or have tax or legal obligations tied to your holdings. In those cases, speak to a qualified adviser. If you already see unauthorised transactions, reviewing your settings comes second. Contact the exchange’s official support straight away and report the fraud to the relevant authorities. And if the exchange has given specific, verified instructions to customers, follow those over any general guidance, including this.
Frequently asked questions
Was my money affected by the Binance hack?
From the BBC’s report, it is not known which assets or accounts were involved, or whether individual customer balances were affected. The best way to check your own position is to log in through the official app or website, look at your balances and transaction history, and read any notices the exchange has published. Don’t rely on social media posts or messages from people who contact you unprompted claiming to have information.
Should I withdraw my crypto from an exchange after a hack?
It depends on your circumstances and how comfortable you are managing a wallet yourself. Moving funds to self-custody removes your exposure to the exchange, but you then carry full responsibility for keeping the recovery phrase safe. If you go ahead, send a small test transaction first and check the network matches. If withdrawals have been paused, wait for verified instructions rather than looking for workarounds.
How can I tell if a message from Binance is genuine?
Treat any unexpected message as suspicious, however official it looks. Don’t click its links. Type the exchange’s web address yourself or open the official app, and check whether the same notice appears there. A genuine platform will never ask for your recovery phrase, private keys or authentication codes. Pressure to act immediately, or an offer of a refund in exchange for personal details, are common signs of fraud.
Can stolen cryptocurrency be recovered?
Sometimes, but there is no guarantee. Blockchain transactions are public, so investigators can often trace stolen funds, and some exchanges or authorities have frozen or recovered assets in past incidents. Whether that will happen in this case is not known. Be very wary of private “recovery services” that charge fees upfront, as they are a common follow-up scam aimed at victims of crypto theft.
Sources and further reading
- BBC News technology coverage, the original report describing the Binance incident as potentially the largest crypto hack recorded.
- Official customer announcements from the exchange, the only reliable source for account-specific instructions.
- National cybersecurity agency guidance on account security, two-factor authentication and phishing.
- Consumer protection and financial regulator advice on cryptocurrency risks and recovery scams.
Surfaced from the rss:bbc_tech signal “crypto exchange hack”. AI-assisted draft, editorially reviewed.
