Binance announced that major assets like BTC, ETH, and USDT are now completely backed using its Secure Asset Fund for Users, corporate treasury, and part of its Futures insurance fund. The exchange expects to reopen customer withdrawals by Sunday once comprehensive security evaluations conclude. Co-CEO Richard Teng noted the security compromise was far more intricate than an initially suspected single DevOps laptop exploit. Meanwhile, outside analysts at TRM Labs observed operational signatures characteristic of previous North Korean cyber campaigns.
Key points
Internal reserves and corporate funds are shielding users from the financial losses of th…: Internal reserves and corporate funds are shielding users from the financial losses of the record theft.
Normal platform withdrawal operations are scheduled to restart on Sunday following the co…: Normal platform withdrawal operations are scheduled to restart on Sunday following the completion of critical security verifications.
Blockchain intelligence points toward North Korean hackers due to complex transaction pat…: Blockchain intelligence points toward North Korean hackers due to complex transaction patterns and advance staging activities.
Sources checked by our analysis pipeline: 1
Binance said Saturday that it has covered up to 90% of the roughly $6.3 billion in token assets stolen from its hot wallets in a record crypto theft announced Thursday.
Binance said it will continue to buy the remaining relevant token assets through market and over-the-counter channels until the covered amount reaches 100% for all tokens.
"All BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are fully backed 100%," Binance said in a statement. "Binance will absorb the financial impact of these stolen funds, not our users."
The exchange said the outstanding 10% consists of tokens outside its top 10 that are "less liquid, which means they may take longer to source in the required amounts."
Binance said it is tapping its Secure Asset Fund for Users (SAFU), a portion of its Futures insurance fund, and its corporate treasury to replenish the assets.
"Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident. We will continue to demonstrate this commitment through measurable progress, transparent reporting, and concrete actions,"…
Corporate treasury reserves and other company funds have provided more than $6.34bn to shield customers entirely from the historic cyberattack. Withdrawals across major tokens including bitcoin, ethereum, and Tether are scheduled to restart on Sunday, 1 November, while sourcing the final 10% of affected assets will require additional time. Meanwhile, international authorities are actively tracing the remaining capital after successfully freezing nearly half of the stolen sum.
The cryptocurrency exchange has mobilized substantial internal reserves to protect users following a major security breach. By deploying billions of dollars in company capital, the platform aims to stabilize confidence and absorb the bulk of the incident's fallout. However, a portion of the compromised assets remains unresolved due to market liquidity constraints.
A sharp tech retreat erased early equity gains as disappointing corporate earnings and warnings of a potential December Federal Reserve rate hike sparked risk aversion. Investors quickly penalized heavy artificial intelligence spending and shifted capital toward defensive plays. This rotation hit semiconductor and megacap internet leaders hardest while sheltering resilient healthcare and traditional blue-chip names.