Crypto exchange Binance has released an official statement regarding the security incident and the recovery process for lost assets. The company said that it has already started refunding affected users and assures that it will fully cover all losses from its own resources.
Crypto exchange Binance has released an official statement regarding the security incident and the recovery process for lost assets. The company said that it has already started refunding affected users and assures that it will fully cover all losses from its own resources.
Binance has already set aside over $6.34 billion to address the issue. Of this amount, $5 billion has already been created directly in the tokens affected by the incident. The company is currently purchasing the remaining required assets in the market and through over-the-counter (OTC) transactions to fully eliminate the deficit for each position.
Binance notes that the purchase process may take some time due to the limited liquidity of individual tokens and the duration of settlements for OTC transactions.
The reserved $6.34 billion does not take into account assets that were blocked or protected with the help of partners and law enforcement agencies:
So far, thanks to the support of blockchain analysts, issuers, and other industry participants, about $3 billion has already been frozen. These funds are undergoing additional verification and are in the process of being returned.
Binance continues joint operations to track and block the remaining stolen assets.
The company emphasized that it will publicly confirm the preservation and full recovery of all user funds through an update to the Proof of Reserves system as all settlements are completed.
As a reminder, on the night of October 29 , an unknown attacker withdrew approximately $6.36 billion across ten blockchains from the wallets of the world's largest cryptocurrency exchange Binance. According to blockchain analytics company TRM Labs, most of the funds were stolen in just 20 minutes, starting at 10:05 p.m. Kyiv time. This incident has already been called the largest cryptocurrency theft in history, almost four times larger than the scale of the Bybit exchange hack in February 2025 ($1.5 billion) .
