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Binance co-CEOs Yi He and Richard Teng said the exchange has already covered about 80% of the roughly $6.3 billion lost in its security incident and will absorb the full cost itself. In a letter to users dated Friday, October 30, they said Binance’s hot wallets were compromised at about 20:05 UTC on October 29.
“Binance will absorb the financial impact of these stolen funds, not our users,” they wrote.
About 80% Already Covered
Binance will cover all stolen funds through its Secure Asset Fund for Users (SAFU) and its corporate treasury, the co-CEOs said. The exchange has set aside more than $6.34 billion, $5 billion of which is held in the exact tokens that were stolen, including USDC, USDT, BTC, ETH and BNB. That covers about 80% of the loss, and Binance is buying the remaining tokens through market and over-the-counter channels.
What Binance Has Done So Far
Since identifying the incident, Binance has:
Contained the compromised infrastructure, revoked affected authorizations and added controls to prevent further unauthorized activity.Frozen about $3 billion on-chain with help from law enforcement, blockchain intelligence firms, asset issuers and industry partners.Strengthened security checks across affected systems.Paused withdrawals for security reviews, while keeping deposits and other unaffected services running.
What the Investigation Has Found
Binance’s initial investigation pointed to a compromised laptop, and further work has uncovered additional points of breach. The exchange said it has found no evidence that wallet private keys were leaked. It is working with internal and external security experts to map the full attack sequence and expects to share further verified technical findings in about 48 hours.
Withdrawals and Proof of Reserves
Binance said in Friday’s letter that it aimed to start resuming withdrawals within about 34 hours, in phases, once security checks are complete. It also planned an initial Proof of Reserves snapshot within 12 hours, with results by Monday, November 2, so users can verify their balances and how they are backed.
The exchange will also publish a post-mortem report covering what happened, lessons learned and new safeguards. “We take full responsibility for addressing this security incident, strengthening our security infrastructure, and ensuring our users are protected,” the co-CEOs wrote.