Binance says it has covered 90% of its hack losses, having set aside $6.34B+ of company funds; the remaining 10% is in less liquid tokens

Cryptocurrency exchange Binance said on Saturday that it was able to cover 90% of the amount stolen during its recent hack.

Reuters 2026-11-01 Angela Christy

Context & Ripple Effects

Binance had temporarily suspended deposits and withdrawals after the security incident, then made a commitment to make users whole for the estimated $6.3 billion loss. It backed that commitment with more than $6.34 billion of corporate funds, including $5 billion already held in affected token assets, as detailed in its initial reserve allocation.

The 90% replenishment figure turns that pledge into an operational test of Binance's capacity to restore customer access while it deals with the less-liquid portion of the affected assets. Public reaction centered on whether replenishment and withdrawal delays could be reconciled, while Binance presented a proof-of-reserves snapshot.

First-order effects

Binance has absorbed the reported loss for 90% of affected assets with corporate funds, reducing the immediate shortfall faced by customers in the covered tokens.
The remaining 10% in less-liquid tokens leaves Binance with a narrower recovery and liquidity-management problem before it can complete its commitment to cover all losses.

Second-order effects

Binance's use of a large corporate reserve makes the composition and liquidity of exchange backstops a more visible trust measure for customers assessing custodial platforms after a breach.
The incident raises the competitive bar for exchanges: a security failure is no longer only a technical outage when a platform's ability to fund customer losses becomes part of its credibility.

Third-order effects

If major exchanges increasingly promise to absorb hack losses, custody competition will place greater weight on capitalized recovery funds alongside preventive security controls.
The episode sharpens the recoverability-security tradeoff: platforms must hold liquid, usable assets for crisis recovery while limiting the operational exposure of the wallets that support customer activity.

The trend: Crypto exchanges are being judged increasingly on whether their security architecture and balance-sheet reserves can jointly protect customers through a major breach.

Discussion

@binance @binance on x
Security Incident | Update #3: 90% of Stolen Assets Replenished; Proof of Reserves Snapshot Provided
@_richardteng Richard Teng on x
We know how important trust is, especially in moments like this. We've now replenished 90% of the stolen assets, and we're committed to covering the remaining 10%. Our users will not bear the financial impact of this incident. We've also shared an updated Proof of Reserves snapsh…
@deestar @deestar on x
Binance covered $5.7 billion of lost fund from hack yet users are complaining of delayed withdrawal if it was any other exchange there may not even be funds to withdraw so where exactly are you guys withdrawing to?? [image] [embedded post]
@heyibinance Yi He on x
Binance has allocated US$6.34 billion of its own corporate funds to the User Fund. In the current User Fund, BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC have all achieved 100% full reserve backing. We will continue to purchase other altcoin assets that are not yet 1…
@tedpillows Ted on x
Binance replenishes 90% of the hacked funds. This includes BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC. This is good.
@cryptomichnl @cryptomichnl on x
More than 90% of the stolen assets are replenished. Incredible performance by @binance and the entire industry. …
NewsMax.com NewsMax.com on x
FBI: North Korea Behind $6 Billion-Plus Binance Crypto Heist
NewsMax.com NewsMax.com on x
$6.3 Billion Hacked From Binance in Record Heist
@chainalysis @chainalysis on x
Our investigators are observing never-seen-before laundering patterns with the stolen funds from the Binance exploit. Thousands of transactions in a short period suggest that the attackers are using automation to obscure the trail of funds. Rather than simply moving funds onwar…
@cz_binance @cz_binance on x
Seems token recovery already began. Another little detail in addition to the effort described, users pay trading fees on Binance in the coins they trade, so Binance's naturally accumulates all tokens they list. Your funds are SAFU! [embedded post]
@saylor Michael Saylor on x
Binance has committed its own balance sheet to making customers whole. I expect it to deliver. Our industry will learn from this incident, strengthen security, and emerge stronger and more resilient. [embedded post]
@nikitabier Nikita Bier on x
The largest crypto exchange in the world just experienced the largest robbery in human history—and the person running it is a nomadic autistic man in Dubai posting “Funds are SAFU!” What a time to be alive.
@fbicyberbranch @fbicyberbranch on x
The FBI is releasing information advising the Democratic People's Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange, Binance, on or about October 29, 2026. The FBI refers to this specific North…
@malwaretechblog Marcus Hutchins on x
The “suggests the attackers are using automation” part took me out. Imagine trying to split $3.3 billion dollars up into tiny amounts and laundering it by hand 😭 [embedded post]
@tsmith1867 @tsmith1867 on x
Nerd steals over 6 billion dollars, without leaving his mom's basement. Awesome..🙄 https://www.trmlabs.com/...
@zephyr_z9 @zephyr_z9 on x
Best crypto trader in the world
@jroosen Joe Roosen on x
TraderTraitor - DPRK yet again it seems. https://www.trmlabs.com/...
@mkjrstad @mkjrstad on x
TRM Labs (@trmlabs) has attributed the record $6.36 billion Binance hack to North Korea's TraderTraitor. North Korea is known to have a preference for BTC, so they will probably dump all the ETH 📉 https://www.trmlabs.com/...
Jonathan Levin Jonathan Levin on linkedin
DPRK is up to their old antics, similar attack vectors of infecting a network and moving through to the wallet signing process …
Ari Redbord Ari Redbord on linkedin
This is moving so fast, I had to repost. — Updated numbers at 10:30 PM ET. — 🚨 Breaking: TRM Attributes North Korea in record USD 6.36 Billion Binance Hack …
Richard Teng Richard Teng on linkedin
An update on the security incident.
TRM Labs TRM Labs on linkedin
At 20:05 UTC on October 29, approximately USD 6.36 billion began moving out of Binance wallets across ten blockchains, most of it in about 20 minutes. …
@mattburgess1 Matt Burgess on bluesky
🧵 A short thread on North Korea's crypto hacking — The Binance hack is easily the biggest crypto hack of all time. — But the alleged links to North Korea really aren't a surprise, DPRK hackers have been going after crypto to help fund the regime for about a decade now
@inklaar @inklaar on bluesky
“Unlike many supposedly “multi-billion dollar” crypto hacks, where the headline figure relies on the notional value of illiquid assets that could never be sold for anywhere near that amount, the majority of these stolen assets were major stablecoins, btc, eth...” www.citationneed…
@jacobsilverman.com Jacob Silverman on bluesky
TRM estimates the Binance hackers have “about USD 2.4 billion in assets beyond any issuer's reach.” — www.trmlabs.com/resources/bl...
r/cybersecurity r on reddit
North Korea Steals USD 6.36 Billion From Binance in the Largest Hack in History | TRM Labs
r/Hasan_Piker r on reddit
North Korea Acquires Reparations for Decades of Unjust Trade Embargoes and Sanctions - USD 6.36 Billion From Binance in the Largest Hack in History
r/SRPressDemo r on reddit
Blockchain intelligence firms link North Korea to $6.3B hack on Binance
r/atrioc r on reddit
North Korea Steals USD 6.36 Billion From Binance in the Largest Hack in History
r/Bitcoin r on reddit
North Korea Steals USD 6.36 Billion From Binance in the Largest Hack in History
r/pwnhub r on reddit
The $6.3 Billion Binance Hack Was Pulled Off in Just 20 Minutes
r/CryptoCurrency r on reddit
North Korea Steals USD 6.36 Billion From Binance in the Largest Hack in History
r/TrueAnon r on reddit
North Korean hackers stole 6.36 billion from Binance lmao
r/pwnhub r on reddit
North Korea Steals USD 6.36 Billion From Binance in the Largest Hack in History
@binance @binance on x
Binance has begun recovering affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds. The company has already publicly committed to cover losses through compan…
@heyibinance Yi He on x
Binance's SAFU fund and Binance's holdings include a large amount of assets such as BTC and ETH. …
@lista_dao @lista_dao on x
Our respect and support go to the Binance team and all the builders handling today's security incident. Watching the ecosystem move quickly to support users has been a reminder of why we build here. For our community: Lista has not been affected. All products are operating normal…
@pancakeswap @pancakeswap on x
We're with the Binance team and everyone responding to today's security incident. We appreciate the efforts across the ecosystem to support affected users and protect the community. PancakeSwap has not been affected. Our contracts and services are operating normally, and we're mo…
@hosseeb Haseeb Qureshi on x
Reflecting this morning on how different this hack feels from how FTX felt. Market is only down a few percent. …
@mark_a78 @mark_a78 on x
This is how you handle a crisis. Binance put up $6.34B of its own money, froze $3B with partners, and promised full public verification. Trust gets built in moments like this. [embedded post]
@runecrypto_ Rune on x
that was quick binance has already recovered most of the token loss and they're also market buying missing tokens to refill the hot walelts [embedded post]
@kosso.co.uk @kosso.co.uk on bluesky
Their ‘SAFU’ fund, created for times like this apparently only has about $1.2b in it. So they're going to have to take a hit.
@niedermeyer.online E.W. Niedermeyer on bluesky
haters forced to admit that 6.34b>6.3b [embedded post]
@jacqmelinek Jacquelyn Melinek on x
New chart from @Chainalysis shows how the @Binance hacker tried to outrun stablecoin freezes. The attacker sent $500M in stablecoins to a wallet set up to swap them, converting $325M into $285M of ETH, which can't be frozen, over nearly 20 minutes. The other $175M was moved to a …
@depression2019 Jack on x
This will be looked back at as one of the first large real world use case of agentic money laundering Pretty fascinating
@criptolawyer @criptolawyer on x
Agentic money laundering
@chainalysis @chainalysis on x
We are actively investigating the potential exploit of Binance in coordination with industry partners. At present we are monitoring funds moving across multiple blockchains, including Bitcoin, Ethereum, Tron, and a number of L2s, and will support Binance throughout this investiga…
@y2skot @y2skot on bluesky
Stealing $6 billion in half an hour. And to think crypto-bros think regular money should be replaced with this imaginary alternative. [embedded post]

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