Binance sets aside $6.34bn after crypto hack and says customer funds are safe
Withdrawals are suspended while the exchange rebuilds its systems, and it promises a public proof of its reserves by Monday.
Lagos — Binance, the world's largest cryptocurrency exchange, says it has reserved more than $6.34 billion of its own money to cover assets stolen in a cyberattack, and that customers' funds were not touched.
Co-chief executive Teng said in a video on Friday that the attack hit Binance's own hot wallet, not customer holdings, which are mostly kept in cold wallets. About $6.3 billion was taken in unauthorised withdrawals.
"We are committed to covering all hacked losses through our company funds. Your assets are safe," he said.
What users should know
- Withdrawals are suspended while Binance rebuilds and tests its systems. It hopes to restore them before its Sunday deadline.
- An initial proof-of-reserves report is expected by Monday, so the public can check its assets.
- Early findings pointed to a compromised engineer's laptop, but Binance now says there were more points of breach and that more than one person was involved.
Teng said some stolen assets are being recovered.
Source: Premium Times, 30 October 2026.
