Binance, Bybit, Bitget Hacks Compared: Who Covered Users Fully

Binance's October 30, 2026 security incident is not the first time a major centralized exchange absorbed a nine- or ten-figure hack and kept running. Bybit and Bitget both went through the same kind of event in the last 20 months. Here is what happened at each one, what each exchange actually did about it, and whether users lost money — using only what each exchange has stated publicly, with dates and sources.

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What happened at each exchange?

Bybit's incident is the largest confirmed centralized-exchange hack on record by dollar amount at the time it happened^†. Binance's October 2026 incident is larger still by Binance's own estimated-impact figure, though Binance's notice describes most of that as recoverable through its coverage commitment rather than a confirmed permanent loss — the two numbers are not measuring quite the same thing, so treat a direct size comparison with caution.

Did users lose money at any of the three?

This is the part that matters most if you hold funds on any of them.

1. Bybit (Feb 2025): Bybit says it restored 1:1 reserves within 72 hours of the hack^†. No customer funds were reported lost.
2. Bitget (Sep 2026): Bitget's Protection Fund absorbed the loss; withdrawals resumed in stages starting 2026-09-28 and fully by 2026-10-02, with Bitget stating user balances were unaffected^†.
3. Binance (Oct 2026): Binance says it will absorb the loss from SAFU and company funds, not users, and has set aside over $6.34 billion. As of this check, withdrawals are still paused with a phased restart targeted, and full confirmation that no user lost funds is pending the post-mortem Binance has promised.

The pattern across all three: the exchange's own emergency fund or corporate treasury covered the shortfall rather than reducing customer balances. That is a real, repeatable response, not a one-off promise — but it also means your money was never actually at risk of permanent loss only if the exchange in question had the fund size and the willingness to use it, which isn't guaranteed at every platform.

How fast did each exchange recover operations?

Bitget's roughly 8-day full restart is the most directly comparable precedent for how long a withdrawal pause can run after this kind of incident. Binance's own target is faster, but it is a target stated in Binance's notice, not a confirmed outcome yet — track the live status on our Binance security incident tracker.

What changed in each exchange's security posture after the hack?

Bitget's reported reserve ratio rose from 122% before its September 2026 hack to 131% in its first post-hack report and 207% by October 10, 2026^† — a visible, if self-reported, move toward over-collateralizing after the incident. Binance has committed to a new Proof of Reserves snapshot around November 2, 2026, and a technical post-mortem, both still pending as of this check. We don't have comparable before/after reserve data for Bybit in our records beyond its stated 72-hour restoration.

What this means if you're deciding where to keep funds right now

No exchange's PoR program, insurance fund, or track record makes a hack impossible — Bybit, Bitget and Binance each had reasonably mature security operations before their incidents. What differs is response: did the exchange have a fund large enough to cover the loss, and did it act fast and transparently. On the evidence gathered here, Bybit and Bitget both completed their recovery with customer funds reported intact. KuCoin's 2020 incident, the oldest of the four, also ended in full user reimbursement over time^†.

If you want a backup account ready while Binance's situation is still open, compare safety track records and fees before moving anything:

• Bybit review — restored reserves within 72 hours of its own Feb 2025 hack.
• Bitget review — resumed full withdrawals about 8 days after its Sep 2026 hack, with no reported customer losses.
• Binance alternatives guide — full comparison if you're spreading funds across more than one platform.

Common mistakes when judging an exchange by a hack headline

Assuming the headline dollar figure is the amount users lost. In all three cases here, the exchange's fund or treasury covered the gap — the headline number is the attack's size, not the customer loss.

Ignoring how long the recovery actually took. A platform that covers the loss but leaves withdrawals paused for over a week has a real liquidity cost for users, even if no one's balance shrinks.

Treating "has had a hack" as automatically worse than "hasn't yet." Every exchange compared here has had one; what's measurable is how each one responded, not whether an incident ever happened.

Read our methodology for how we verify exchange data, and the live Binance security incident tracker for the current status of the October 2026 event.

FAQ

Has Bybit been hacked?

Yes. On February 21, 2025, about $1.5 billion in ETH and stETH was stolen through a compromised Safe{Wallet} multisig flow, attributed to the Lazarus Group by the FBI. Bybit says it restored 1:1 reserves within 72 hours^†.

Has Bitget been hacked?

Yes. On September 24, 2026, about $388 million was stolen via a zero-day in third-party security appliances. Bitget's Protection Fund covered the loss and withdrawals fully resumed by October 2, 2026^†.

Is the Binance October 2026 hack the biggest crypto exchange hack ever?

By Binance's own estimated-impact figure of around $6.3 billion, it is larger than Bybit's February 2025 incident, which had been the largest confirmed centralized-exchange hack at the time^†. The two figures aren't measured identically, so compare them as estimates, not an exact ranking.

RISK: Crypto assets are volatile and unregulated in many jurisdictions. Not financial advice.