Crypto30 October, 20262 min read
Binance Sets Aside $6.34 Billion To Cover Hack Losses, Says $5 Billion Held In Stolen Tokens
“would appear in the exchange’s next proof-of-reserves report”
“is buying the remainder, while industry partners have frozen approximately $3 billion.”
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Binance set aside $6.34 billion to cover hack losses. $5 billion held in the exact stolen token assets.
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Binance sets aside $6.34B
Binance said it set aside more than $6.34 billion in company funds to cover losses from its hack, with $5 billion already held in the same tokens stolen.
Binance spokesperson told Cointelegraph, "The $5 billion is held in the exact token assets that are required. These assets are in Binance custody," and the exchange said the holdings would appear in its next proof-of-reserves report.
Binance said it provides weekly reports on its company funds to the Financial Services Regulatory Authority (FSRA), the financial regulator of Abu Dhabi Global Market in the United Arab Emirates.
TRM Labs said funds were drained from Binance wallets across 10 blockchains on Thursday and attributed the attack to North Korean hacking group TraderTraitor, while Binance said about $3 billion in affected assets had been frozen with help from blockchain partners.
Analysts question coverage gap
CertiK told Cointelegraph that it needed more information from Binance to assess whether the claimed $5 billion in tokens matching those stolen could be independently verified on-chain. CertiK CEO Ronghui Gu estimated that approximately $3 billion in frozen assets and Binance’s $1.17 billion emergency fund could cover about 66% of the reported losses, leaving a potential $2.1 billion gap.
Chainalysis estimated that approximately $5.912 billion were stolen in the alleged Binance hack, nearly four times Bybit's 2025 theft of about $1.5 billion. Chainalysis said about $2.54 billion was frozen, leaving roughly $3.4 billion potentially out of reach, far more than Binance’s SAFU emergency fund of $1 billion.
How Binance says it will pay
The Block said Binance allocated $6.34 billion in its own funds and reserves to cover losses and pegged the loss at $6.3 billion, while Binance said it was holding about $5 billion of the committed funds in the same digital assets that were affected. The Block reported that Binance was buying the remaining roughly $1.3 billion in tokens through market and over-the-counter channels, while Binance cautioned the process could take longer because of thin liquidity and settlement delays.
In an earlier statement on Friday, Binance co-CEO Richard Teng wrote, "Your money is safe, and we're covering every loss," and he said the exchange suspended withdrawals but users could still deposit assets. The Block said Binance co-CEO Richard Teng said the initial investigation pointed to a compromised DevOps engineer's laptop, which gave an attacker access to a service container used to submit unauthorized withdrawal transactions.