Binance says it covered the full $6.3 billion crypto hack with more than $6.340 billion of corporate funds

Binance said on Thursday that it has fully covered the assets affected by the October 29 attack that drained about $6.3 billion from the world’s largest crypto exchange. For PSPs and other high-risk payment operators, the important bit is not the headline loss itself but how quickly the platform moved to plug the hole, replenish reserves, and re-establish proof-of-reserves visibility.

1. According to Binance, it allocated resources from three sources: part of the Secure Asset Fund for Users (SAFU), a portion of its Binance Futures insurance fund, and its own corporate capital. The company said it assigned more than $6.340 billion in corporate funds to cover losses and began buying the affected tokens through market purchases and OTC channels.
2. Binance also said it will refill SAFU to around $1.000 billion so it can continue to operate as an emergency reserve for users. The company published a new Proof of Reserves (PoR) snapshot, available from Thursday, covering 198 tokens.
3. Once the zero-knowledge proof is generated, a process Binance said will take 40 to 50 hours because of the computational load, users with affected assets will be able to independently verify that their holdings have at least 1:1 backing. In other words, the exchange is trying to turn a balance-sheet hole into a verifiable reserve update before the market does the usual thing and does the math for it.
4. Binance said the attack started with social engineering: a fake job interview. Using a compromised computer and an internal AI tool, attackers accessed the machines of two wallet engineers on October 20 and, on October 29, used stolen credentials to run malicious code, the company said at a press conference on November 3.
5. Chainalysis and TRM Labs said funds began leaving around 16:20 Eastern time and that almost the entire amount was transferred in about 20 minutes. The FBI attributed the theft to TraderTraitor, a North Korea-linked group also tied to the $1.400 billion Bybit theft in February 2025 and nearly $300 million taken from KelpDAO in April this year.

When Binance partially reopened withdrawals, users pulled out $4.600 billion in a little over nine hours, versus $1.000 billion in deposits, leaving a net outflow of $3.600 billion, or 2.1% of the platform’s assets under management, according to TechCrunch. Binance said withdrawals will continue to be restored in phases and that it will publish updates.