As of 30 October 2026, attention is turning to Binance's proof of reserves after the 29 October 2026 security breach, and to a wallet known as Binance 14. Proof of reserves is a published snapshot showing what assets an exchange holds against customer balances. The next snapshot is due on 1 November 2026, and it will show whether stolen assets were replaced. Until then, the figures in this article are preliminary estimates and the investigation is ongoing.

Binance 14 was included in Binance's proof of reserves dated 1 October 2026. According to reports of the incident, an attacker used an Ethereum feature called EIP-7702 on that wallet, turning it into a sweeper. A sweeper, in this context, is a wallet set up to move funds onward automatically, which helps explain how large amounts could be moved quickly once access was gained.

The reported movement from that wallet was about 204,500 ETH. That movement left ETH backing near 94 percent, down from 100 percent on 1 October. Those percentages describe ETH backing in the reported snapshot comparison, not a final audited result, and they will need to be checked against the 1 November snapshot.

The overall estimated impact of the breach is about $6.3 billion, which would make it the largest crypto theft on record, ahead of Bybit's $1.5 billion loss in 2025. Binance, described as the world's largest crypto exchange, has not yet published a post-incident reserve snapshot, so the $6.3 billion figure should be read as an estimate, not a confirmed final total.

Some recovery progress has been reported. Around $3 billion has been frozen so far, including $2.3 billion in USDT and USDC. Tether froze more than $1.567 billion in USDT, Circle froze about $823 million in USDC, Ripple froze around $200 million, and World Liberty Financial froze $27 million in USD1. Frozen funds are not the same as restored reserves, but they are relevant to what the next snapshot may show.

Binance co-CEO Yi He has said all losses will be covered from company funds plus the SAFU emergency fund, which holds around $1 billion in bitcoin, and that user funds are safe. If assets are replaced from those sources before 1 November, the snapshot could look different from the immediate post-breach position. If they are not, the snapshot would be expected to reflect the shortfall.

The preliminary investigation points to a compromised DevOps engineer's laptop that may have let an attacker access a service container and submit unauthorised withdrawal transactions. No evidence of a wallet private key leak has been found so far, on a preliminary basis. That finding, if it holds, would mean the reserve question is about replacement of moved assets rather than about compromised keys, but it is not yet a final conclusion.

Deposits and withdrawals were suspended as a precaution, and Yi He said she expects withdrawal resumption to begin within the next 48 hours. Some reports say deposits were unaffected, so there is a discrepancy in reporting that readers should check against official Binance channels rather than treating either version as certain.

FAQ: What is Binance 14? It is a wallet included in Binance's 1 October proof of reserves, reported to have been turned into a sweeper using EIP-7702. How much ETH moved? About 204,500 ETH was reported moved, leaving ETH backing near 94 percent from 100 percent. When will proof of reserves clarify this? The next snapshot is due on 1 November 2026, and readers should rely on official Binance channels for updates.