I have seen many security incidents in crypto over the years, but a $6.3 billion loss is the kind of number that makes even experienced users stop and think.
Binance co-CEOs Yi He and Richard Teng have now shared a recovery update, saying the exchange will cover the entire loss itself, not its users.
According to Binance’s official October 30 announcement, the exchange has set aside more than $6.34 billion through its Secure Asset Fund for Users (SAFU) and corporate treasury. Around $5 billion is already held in the exact cryptocurrencies affected, including BTC, ETH, USDT, USDC and BNB. That represents approximately 80% of the reported loss. Binance is purchasing the remaining assets through market and OTC transactions.
Withdrawals remain temporarily suspended, but Binance is targeting a phased restart within approximately 34 hours of its update, subject to security checks. Deposits and other unaffected services continue operating.
There is also a transparency commitment. Binance plans to take an initial Proof of Reserves snapshot and publish the results by Monday, November 2, 2026. The exchange says users will be able to verify their balances and the reserves backing them.
Around $3 billion in affected assets has reportedly been frozen on-chain, while the investigation continues. Binance also says it has found no evidence that wallet private keys were leaked.
For me, the real test now is not simply whether withdrawals return. It is whether users can independently verify the numbers and regain confidence in the platform.
The next few days will matter a lot.
Binance co-CEOs Yi He and Richard Teng have now shared a recovery update, saying the exchange will cover the entire loss itself, not its users.
According to Binance’s official October 30 announcement, the exchange has set aside more than $6.34 billion through its Secure Asset Fund for Users (SAFU) and corporate treasury. Around $5 billion is already held in the exact cryptocurrencies affected, including BTC, ETH, USDT, USDC and BNB. That represents approximately 80% of the reported loss. Binance is purchasing the remaining assets through market and OTC transactions.
Withdrawals remain temporarily suspended, but Binance is targeting a phased restart within approximately 34 hours of its update, subject to security checks. Deposits and other unaffected services continue operating.
There is also a transparency commitment. Binance plans to take an initial Proof of Reserves snapshot and publish the results by Monday, November 2, 2026. The exchange says users will be able to verify their balances and the reserves backing them.
Around $3 billion in affected assets has reportedly been frozen on-chain, while the investigation continues. Binance also says it has found no evidence that wallet private keys were leaked.
For me, the real test now is not simply whether withdrawals return. It is whether users can independently verify the numbers and regain confidence in the platform.
The next few days will matter a lot.
