Hack Binance: What to look at on a platform before choosing it
After the Binance hack, what should you look at on a crypto platform for the security of your funds? MiCA approvals, custody of funds, proof of reserves: here are the security and regulatory criteria to check before…
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On October 29, 2026, hackers linked to North Korea stole approximately $6.3 billion from Binance. This is the largest theft in the history of cryptocurrencies.
Binance announced it would cover all losses, drawing on its reserves and cash, but withdrawals were nevertheless suspended for nearly 48 hours, depriving users of access to their funds.
If the customers have been reimbursed, the episode reminds us that leaving your cryptocurrencies on a platform amounts to entrusting them to a third party. This is why it is important to choose your crypto platform carefully, making security the first selection criterion, even if no platform is completely safe from hacking.
Here are the crypto platforms available in France which offer the best framework in terms of regulation and security of funds:
Investing in cryptoassets involves risks, including high volatility and potential loss of capital. Carefully evaluate these risks before investing. Cryptoasset services are provided by Bitpanda GmbH (FN 569240v), authorized by the Austrian Financial Market Authority (FMA) in accordance with Regulation (EU) 2023/1114 (MiCAR). Stella-Klein-Löw-Weg 17, AT-1020 Vienna.
According to the analysis company TRM Labs, the attack targeted the signature infrastructure of Binance hot wallets. The FBI attributed it to TraderTraitor, a hacker group linked to North Korea and already behind the Bybit hack in February 2025.
To reimburse its customers, Binance drew on its SAFU emergency fund, part of its insurance fund dedicated to futures contracts and its own cash flow. The SAFU, which held around 15,000 BTC, could only cover a fraction of the losses on its own.
In other words, customers were reimbursed thanks to the exceptional size of Binance's balance sheet. A smaller platform likely would not have been able to absorb such a shock, and there is no guarantee that Binance could do so again in the event of another incident.
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