Binance said Friday it would cover all customer losses from a security incident it estimated at about $6.3 billion, as the exchange kept deposits and withdrawals suspended and said roughly $3 billion in affected assets had been frozen on-chain².

A spokesperson told The National that users would not bear the financial impact and that Binance would pay from its Secure Asset Fund for Users and company funds, then publish updated proof of reserves after remediation².

SAFU, created in 2018, has historically held about $1 billion, The National reported; Binance did not say how much it would draw from the fund versus its own reserves².

Techmeme's roundup of South China Morning Post and other outlets framed the incident as potentially the largest cryptocurrency theft on record, larger than the $1.5 billion taken from Bybit in February 2025¹.

Binance's initial investigation, as described by The National, suggested a compromised DevOps engineer's laptop may have let an attacker reach a service container and submit unauthorized withdrawals².

The exchange said it had found no evidence that wallet private keys leaked, had revoked affected address authorization, and was working with law enforcement and blockchain intelligence firms to trace stolen assets².

The National said Bitcoin fell 4.5 percent to $76,664 early Friday, Ether dropped 5.2 percent and BNB fell 7.1 percent, with more than $1.5 billion in leveraged positions liquidated over 24 hours².

What share of the estimated $6.3 billion will be recovered, when withdrawals resume, and who carried out the theft were not established in the coverage cited here^1,2.

Sources

1. TechmemeBinance pledges to cover all losses from a ~$6.3B hack, potentially the largest crypto theft ever, surpassing the $1.5B Bybit hack in February 2025 (South China Morning Post)12:50 AM
2. The NationalBinance pledges to cover $6.3bn hack losses after massive crypto theft2:48 AM

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