Binance replenishes 95% of assets after $6.3 billion hot-wallet theft
CIE News ·
Based on reporting by Forbes; not yet independently confirmed.
Binance has restored 95% of stolen assets following an October 29 hot-wallet breach and confirmed 1:1 backing for 10 major tokens, according to company statements reported by TradingView and Altcoin Buzz.
Binance has replenished approximately 95% of the assets drained in an October 29 hot-wallet exploit that resulted in roughly $6.3 billion in unauthorized withdrawals, according to reports from Altcoin Buzz and TradingView. The exchange stated that it allocated over $6.34 billion from its Secure Asset Fund for Users, corporate treasury, and futures insurance funds to absorb the losses without passing them to users. United States law enforcement agencies, including the FBI, Secret Service, and IRS Criminal Investigation, attributed the breach to the North Korean cyber group TraderTraitor.
The exchange confirmed that Bitcoin (BTC), Ethereum (ETH), USDT, BNB, Solana (SOL), USDC, XRP, USD1, RLUSD, and Zcash (ZEC) are fully backed at least 1:1, publishing cryptographic zero-knowledge Proof-of-Reserves for an October 31 snapshot. Binance noted that the remaining 5% of affected assets consist of less liquid tokens, which it is acquiring through over-the-counter channels and open-market purchases.
Withdrawals resumed across 15 blockchain networks on November 1, with Binance recording $4.649 billion in withdrawals against $1.01 billion in deposits during the initial restoration. The platform stated it plans to expand withdrawal access to additional networks and assets starting November 3 and scheduled another reserve snapshot for November 4.
Key facts
- $6.3B stolen on Oct. 29
- 95% of assets replenished
- 10 major tokens verified 1:1
- TraderTraitor blamed by US