CoinDesk
Binance says it has set aside more than $6.34 billion in company resources to restore customer balances after attackers stole an estimated $6.3 billion in the largest cryptocurrency theft on record. The exchange says $5 billion is already held in the affected tokens, and it is buying the remaining amount. Industry partners have separately frozen about $3 billion in stolen assets.
Why it matters
Binance says the company funds are intended to replace affected balances one-for-one without using customer funds. The $3 billion in frozen assets is separate from its reserves, and the exchange is working with industry partners and law enforcement on recovery. It also plans to verify user funds publicly through its Proof of Reserves.
The attack exposed weaknesses in the exchange’s withdrawal controls. Binance initially cited a compromised DevOps engineer’s laptop that enabled unauthorized withdrawal requests, then said investigators found additional exploit points. The company says it has no evidence that wallet private keys were stolen. Blockchain analysts have linked the attack with high confidence to North Korean hackers.
Market impact
Withdrawals remain paused while Binance completes security checks, although deposits are open. The exchange previously said withdrawals could resume in roughly 45–48 hours. Recovery and reserve top-ups may take longer for thinner-market tokens: FUN fell 90% early in the day, according to the report.
The incident is also intensifying calls for stronger safeguards across the industry. OKX founder Star Xu proposed additional checks and short delays for large transfers to unknown addresses, alongside real-time alerts and coordinated monitoring. DefiLlama has recorded 322 confirmed incidents in 2026 so far, with losses exceeding $8.7 billion.
Frequently asked questions
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How does Binance plan to restore affected customer balances?
Binance says it set aside more than $6.34 billion in company resources, including $5 billion already held in the affected tokens, and is buying the remaining amount to restore balances one-for-one.
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Are the frozen stolen assets part of Binance’s $6.34 billion reserve?
No. Binance said partners froze about $3 billion in stolen assets, separate from the company resources it reserved to cover affected balances.
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Why are Binance withdrawals paused?
Withdrawals remain paused while Binance completes security checks after the attack. Deposits remain open, and the exchange previously said withdrawals could resume in roughly 45–48 hours.
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What did Binance say about the attack’s entry point?
Binance initially cited a compromised DevOps engineer’s laptop that enabled unauthorized withdrawal requests. It later said it found additional exploit points and reported no evidence that wallet private keys were stolen.
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What broader security changes are being proposed after the hack?
OKX founder Star Xu proposed extra checks and short delays for large transfers to unknown addresses, along with real-time incident alerts and coordinated monitoring of suspicious funds.
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