Crypto Exchange Hacked? What to Do Next (Step by Step Checklist)

Short answer: if your crypto exchange is hacked, do not panic-sell and do not trust any message that reaches you first. Check the exchange’s official announcement in its app, secure your account (password, passkey or app 2FA, address whitelist, API keys), save a dated record of your balances, and do not deposit more until withdrawals work again. When withdrawals reopen, move long-term coins to a hardware wallet and keep trading funds split across more than one exchange.

Why this matters now

On 29 October 2026 Binance lost about $6.3 billion from its hot wallets, the largest crypto theft on record. Binance paused withdrawals, said user funds are safe, and promised to cover losses from its SAFU fund and company funds. Earlier attacks linked by investigators to the same North Korean group include the roughly $1.5 billion Bybit hack in February 2025. Exchange hacks are rare for any single platform, but common across the industry, so it pays to have a plan.

Step by step: what to do when your exchange is hacked

1. Get the facts from the source

Open the exchange app or type its website address yourself and read the announcement page. Follow the exchange’s verified X account. Ignore screenshots, DMs and “insider” Telegram groups; they are where the scams start.

2. Secure your own account

Change your password, and your email password if it is the same anywhere.
Use a passkey, an authenticator app or a hardware security key instead of SMS codes.
Turn on the withdrawal address whitelist and anti-phishing code.
Delete unused API keys and check logged-in devices.

3. Document your balances

Take dated screenshots and export your balance and trade history. If the exchange later runs a claims or reimbursement process, or you need records for tax, you will have proof.

4. Do not deposit more and do not panic-sell

If withdrawals are paused, new deposits are stuck too. Selling inside the exchange changes your exposure but does not get coins out. Prices can swing hard after a hack: on 30 October bitcoin fell to about $76,400 in Asian trading. Avoid adding leverage in that kind of market.

5. Watch for the proof of reserves

A credible exchange publishes reserve data after an incident. Binance has planned a public proof of reserves for 2 November 2026. Check that customer liabilities are covered for the coins you hold.

6. Withdraw carefully when it reopens

Expect queues and possible manual reviews. Choose the right network, send a test amount first, then the rest. Our guide how to move crypto from an exchange to a Ledger walks through it, and this network guide helps you pick the right chain for USDT.

7. Beat the follow-up scams

Fake support, fake refunds and fake “recovery agents” always follow a big hack. Read how to spot Binance hack scams.

Coins you do not trade belong in your own wallet. We recommend a Ledger hardware wallet from the official store. Compare models in {il(“/learn/ledger-vs-other-hardware-wallets/”,”Ledger vs other hardware wallets”)}.

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How to lower exchange risk before the next hack

Risk	What to do
One exchange freezes	Keep trading funds on two or three exchanges
Exchange loses coins	Pick platforms with published proof of reserves and a public insurance or user protection fund
Your account is taken over	Passkey or app 2FA, address whitelist, unique password, no SMS 2FA
Long-term savings on an exchange	Hardware wallet, recovery phrase stored offline
Regulatory freeze in your country	Prefer an exchange authorised in your region (for the EU, check the ESMA MiCA register)

In our exchange comparison BingX ranks #1 and OKX #2. See BingX review, OKX review, Binance alternatives and CEX vs DEX.

Spread your trading funds.

Open BingX (#1) Open OKX (#2)

FAQ

Will I get my money back if my exchange is hacked?

It depends on the exchange. Binance says it will cover all losses from its SAFU fund and company funds. Smaller exchanges may not be able to, which is why spreading funds and self-custody matter.

Should I withdraw everything from an exchange after a hack?

Coins you hold long term are safer in your own wallet. Coins you actively trade still need an exchange, so spread them across more than one.

Can hackers take crypto from my hardware wallet if my exchange is hacked?

No. An exchange hack does not reach a hardware wallet. The risks there are phishing for your recovery phrase and tampered devices from unofficial sellers.

How do I know if my exchange account was affected?

Check the official announcement, your transaction history and active sessions. In the Binance case, the company said the attacker submitted withdrawals from exchange wallets, not from individual accounts.

Is DeFi safer than a centralized exchange?

Not automatically. You remove exchange custody risk but take on smart contract and key-management risk. See our CEX vs DEX guide.

Crypto security guides after the Binance hack

Sources

Facts checked 30 October 2026, 22:00 CET. This is a developing story; we update this page when Binance publishes new information.

Not financial advice. For education only. Crypto is volatile and you can lose your money. Some links are referral or affiliate links (Ledger, BingX, OKX); they never change our rankings or our advice.