Binance Covers 95% of $6.3B Hack Losses as Withdrawals Resume
Credit: Pixabay
Binance has made significant progress in addressing a major security breach that resulted in approximately $6.3 billion worth of cryptocurrency being stolen from its hot wallets. The world’s largest cryptocurrency exchange by trading volume says it has replenished 95% of the affected assets and is beginning to restore withdrawal services on November 1.
The incident, which occurred on October 29, triggered an emergency response from Binance, including the temporary suspension of withdrawals while the company investigated the breach and strengthened its security infrastructure.
Binance commits company funds to cover the losses
Rather than passing the financial impact on to customers, Binance has committed to covering the stolen funds through its corporate treasury and its Secure Asset Fund for Users (SAFU).
According to the exchange’s October 31 update, approximately 90% of the affected assets had already been replenished at that stage. The figure increased to around 95% in its November 1 announcement.
Binance also confirmed that major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), BNB, Solana (SOL), XRP, USDT and USDC, are fully backed.
The company is continuing to purchase the remaining affected tokens through cryptocurrency markets and over-the-counter trading channels. The outstanding 5% consists mainly of less liquid assets that require additional time to source.
Withdrawals return in phases
Binance announced that the first phase of withdrawal services would begin on November 1, between 06:00 and 09:00 UTC.
The initial rollout covers several major blockchain networks, including Bitcoin, Ethereum, BNB Smart Chain, Solana, XRP, TRON and others. Additional assets and networks will become available as security and operational checks are completed.
The exchange has warned users that temporary delays and longer processing times may occur during the initial restoration period due to increased demand.
Deposits remained available throughout the withdrawal suspension.
North Korean hackers linked to the incident
The FBI has attributed the attack to TraderTraitor, a cyber unit associated with North Korea. Investigators reported that the stolen cryptocurrency was being converted primarily into Ethereum, with further laundering activity expected.
Binance is continuing to cooperate with law enforcement agencies, blockchain analytics firms and industry partners to trace and recover the stolen assets. The company has also indicated that it will publish a more detailed incident report once its investigation is complete.
Although the restoration of withdrawals represents an important step toward normal operations, the incident raises broader questions about cryptocurrency exchange security, wallet infrastructure and the risks associated with large-scale digital asset platforms.
