UPDATE: Binance commits $6.34B to absorb hack losses and plans withdrawal reboot
CIE News ·
Update to Binance loses $6.36 billion across 10 blockchains in security breach
Confirmed by official primary sources.
Binance allocated over $6.34 billion to cover losses from its recent hot wallet exploit, securing $5 billion in assets and targeting a phased return for withdrawals within roughly 34 hours.
Binance has allocated more than $6.34 billion from its Secure Asset Fund for Users and corporate treasury to cover user losses from an unauthorized hot wallet exploit. As previously reported, the exchange suffered a breach resulting in an estimated $6.3 billion drain. Binance clarified that the unauthorized transfers took place at approximately 20:05 UTC on October 29, 2026.
The exchange announced it has already secured $5 billion in replacement assets, comprising USD Coin (USDC), Tether (USDT), Bitcoin (BTC), Ether (ETH), and BNB. It is acquiring the remaining tokens via spot and over-the-counter channels to complete full reimbursement. Additionally, roughly $3 billion in stolen digital assets have been frozen across various networks in partnership with token issuers, blockchain analysts, and law enforcement agencies.
Binance stated that platform withdrawals are scheduled for a phased resumption within approximately 34 hours, pending completion of security audits. While initial checks pointed to a compromised laptop, Binance noted that ongoing reviews revealed additional intrusion points, though it found no evidence of exposed private keys. The exchange plans to release an updated Proof of Reserves report by November 2, 2026.
Key facts
- $6.34B allocated to cover losses
- $5B replacement assets secured
- ~$3B frozen on-chain
- Withdrawals back in ~34 hours