Binance Says It Replaced 90% of Stolen Customer Funds

Binance said it had put more than $6.34 billion of company funds toward losses from the theft and restored 90% of the assets taken from customers. The Dubai-based exchange said it would bear the financial cost rather than pass it on to users, and stated that several major cryptocurrencies were fully backed.

The outstanding 10% consists of tokens outside the top 10 digital assets, Binance said. It described those holdings as less liquid and said acquiring the necessary amounts could take longer. To replace customer funds, the company used its corporate treasury, part of its Futures insurance fund and some money from its Secure Asset Fund for Users emergency reserve. Binance also shared reserve snapshots and links to information about the funds.

Withdrawals remained paused on October 31. Binance said it was still on schedule to reopen the service on November 1 and would provide another update once details were confirmed. The theft took about 20 minutes, and the company identified multiple breach points, including an engineer’s laptop. The incident has been attributed to North Korea’s TraderTraitor hacking group; the account also described possible use of artificial intelligence to exploit security flaws.