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

Changpeng Zhao flagged a wave of scams targeting hack victims while Bitcoin clawed back from a six-week low 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. 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 t...