The incident took place late on October 29 when compromised hot wallets enabled the illicit removal of roughly $6.3 billion in tokens. To offset the damage, the company has already repurchased $5 billion worth of assets like Bitcoin, BNB, and major stablecoins. Deposits remain active, while outgoing transactions are scheduled to resume in phases within 34 hours. Additionally, customers will be able to verify backing assets via an updated Proof of Reserves report due by November 2.
Key points
Binance is fully covering user balances using its own corporate treasury and Secure Asset…: Binance is fully covering user balances using its own corporate treasury and Secure Asset Fund for Users.
Collaborative efforts with law enforcement and intelligence firms have successfully froze…: Collaborative efforts with law enforcement and intelligence firms have successfully frozen around $3 billion of the taken tokens.
Withdrawals will undergo a phased restoration within roughly 34 hours following the compl…: Withdrawals will undergo a phased restoration within roughly 34 hours following the completion of comprehensive security evaluations.
Sources checked by our analysis pipeline: 1
After facing a major crypto theft, Binance has assured users that they won’t lose money over the breach.
The exchange is covering the $6.3 billion loss from its own funds, setting aside more than $6.34 billion to make up for the stolen assets. It has already replaced around 80 per cent of the stolen tokens and is working to restore withdrawal services in phases.
So far, Binance has bought back $5 billion worth of the stolen cryptocurrencies, including USDC, USDT, Bitcoin (BTC), Ether (ETH) and BNB. It is now working on getting the remaining tokens back through market and OTC purchases.
"This means that we have already covered approximately 80% of the impacted amount. We are actively buying the remaining relevant token assets through market and OTC channels," Binance said.
In its second update on the recovery process, the company said the compensation would be funded through its Secure Asset Fund for Users (SAFU) and corporate treasury.
"We want to be clear about our commitment: Binance will absorb the financial impact of these stolen funds, not our users," the exchange…
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