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Binance says it has covered 90% of $6.3 billion hack losses

Binance said Saturday it replenished 90% of assets stolen in a record hot-wallet theft with company funds and remained on track to reopen withdrawals Sunday, according to a company notice and CNBC.

What's new
  1. CNBC and Reuters are now reporting this
  2. New headline Was: “Binance says it has covered 90% of assets stolen in $6.3B hack”
  3. Our desk updated its story

Binance said Saturday it had replenished 90% of token assets stolen in a hot-wallet theft it announced Thursday, using company funds rather than recovered coins, and that it remained on track to reopen withdrawals Sunday, according to a company notice and CNBC1,2.

The exchange described the incident as involving about $6.3 billion in stolen tokens1. Its Recovery Update #3 said it had previously set aside more than $6.34 billion in company funds and had already covered about 80% of the impacted amount, a figure it said was now 90%2. CNBC noted that restored backing does not mean 90% of the stolen coins were recovered from the attacker1.

"Binance will absorb the financial impact of these stolen funds, not our users," the company said2. It listed bitcoin, ether, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC as fully backed 100%1,2.

The remaining 10% consists of tokens outside that group that are less liquid and may take longer to source, the notice said2. Binance said it would keep buying those assets through market and over-the-counter channels until coverage reaches 100% for all tokens1,2.

Replenishment used a partial deployment of the Secure Asset Fund for Users, a portion of the futures insurance fund and Binance's corporate treasury, the company said1,2. The notice said the remaining futures insurance-fund balance is a regulatory requirement2.

Binance said it took a new proof-of-reserves snapshot at 00:00 UTC on Oct. 31 and that a full zero-knowledge proof would take about 40 to 50 hours, estimated by Tuesday, Nov. 3 UTC2. It said users holding the ten listed tokens could then independently verify at least 1:1 backing2.

CNBC said the exchange initially described a possible compromised DevOps laptop that allowed unauthorized withdrawals, while Co-CEO Richard Teng later said the attack involved a more complex process than a single engineer's permissions1. The same report said it was not clear who was responsible; blockchain firm TRM Labs said several features matched earlier North Korea-linked heists, an attribution Binance's Saturday notice did not address1,2.

Withdrawals had been halted after the theft1. The company said Sunday, Nov. 1, remained the target to reopen them, with a further update once details were confirmed2. CNBC said resumption was subject to security checks and that Binance did not immediately provide additional investigation details1. Whether withdrawals actually reopened on schedule, and whether the remaining 10% is sourced, was not established in these accounts1,2.

Sources

  1. CNBCBinance resumes withdrawals following $6.3 billion hack, says 90% of stolen user assets are covered
  2. BinanceSecurity Incident | Recovery Update #3: 90% of Stolen Assets Replenished; Proof of Reserves Snapshot Provided (2026-10-31)

How it’s being reported

3 sources

First reported by Binance

Where they agree

  • Binance said Saturday it had covered 90% of the stolen-token amount with company money.
  • Ten major tokens are described as 100% backed; remaining tokens are less liquid.
  • The company pledged users would not bear the loss and aimed to reopen withdrawals Sunday.

Where they differ

Whether coverage equals recovery of stolen coins

Side by side

Each outlet's article broken down by our newsroom, in our own words. To read what they wrote, use the button under each one.

CNBCCNBC

Binance resumes withdrawals following $6.3 billion hack, says 90% of stolen user assets are covered

Coverage is replenishment, not recovery from the thief; withdrawals Sunday pending checks

CNBC reports Binance restored backing for about 90% of stolen tokens from company funds, not recovered from the attacker, and planned Sunday withdrawals.

Leaves out Full Proof of Reserves timeline in the company notice

Coverage is replenishment, not recovery from the thief; withdrawals Sunday pending checks

What it reports

  • Binance said it covered about 90% of roughly $6.3 billion stolen from hot wallets in a theft announced Thursday.
  • Ten major tokens including bitcoin and ether are described as 100% backed; remaining 10% are less liquid tokens.
  • Funds came from SAFU, part of the futures insurance fund and corporate treasury.
  • The exchange said it was on track to reopen withdrawals Sunday, subject to security checks.
  • CNBC said how the attack happened and who did it remained unclear; TRM Labs pointed to North Korean-linked methods.

Leaves out Full Proof of Reserves timeline in the company notice

Binance

Security Incident | Recovery Update #3: 90% of Stolen Assets Replenished; Proof of Reserves Snapshot Provided (2026-10-31)

Company-funded replenishment, SAFU and treasury use, and a new proof-of-reserves snapshot

Company notice: covered amount rose from about 80% to 90%; top-10 tokens 100% backed; PoR snapshot taken; withdrawals targeted for Nov. 1.

Leaves out Attribution of the attackers

Company-funded replenishment, SAFU and treasury use, and a new proof-of-reserves snapshot

What it reports

  • Binance said it had set aside more than $6.34 billion in company funds and raised coverage to 90%.
  • BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are fully backed 100%.
  • Replenishment used partial SAFU, a portion of the futures insurance fund and corporate treasury.
  • Outstanding 10% is tokens outside those ten, which the company said are less liquid.
  • A proof-of-reserves snapshot was taken at 00:00 UTC Oct. 31; full ZK proof estimated by Nov. 3 UTC.

Leaves out Attribution of the attackers