Binance Reserves Over $6.34 Billion to Cover Losses from Massive Hack

Binance has begun returning assets lost by users during the hack and has reserved over $6.34 billion of its own funds for compensation, the exchange reported on October 30 on X. Of this amount, about $5 billion is already in the same tokens that were affected by the attack. The remainder is being purchased on the open market and through over-the-counter channels to cover the shortfall for each asset. The process may take time: some coins have limited liquidity, and OTC settlements require time.

Binance's partners have frozen assets worth another $3 billion. This amount is not included in the $6.34 billion reserve: the funds need to be returned and verified. If the confirmed deficit turns out to be larger, the exchange will cover it at its own expense, and the safety of all user funds will be publicly confirmed through Proof of Reserves.

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Co-CEO Richard Teng reiterated that the attack, according to preliminary data, began with a compromised DevOps engineer's laptop: through it, the attacker gained access to a service container and made unauthorized withdrawal requests. However, Teng emphasized that this was not a "one-click" action and was not limited to the rights of a single engineer. The guilt of specific employees has not been established, and no wallet private key leaks were found. The exchange suspended withdrawals, revoked rights from affected addresses, and contacted law enforcement agencies, without naming specific departments. The investigation revealed other points of entry besides the laptop, but Binance did not disclose details. Withdrawals are promised to resume within 45 hours from the update on October 30 - earlier estimates were 48 hours; deposits are operating normally.

According to Incrypted, since the beginning of 2025, crypto platforms have lost $3.63 billion due to hacker attacks. Prior to the Binance incident, the largest was the Bybit hack in February 2025 for $1.46 billion.