Binance covers 90 per cent of assets stolen in $6.3 billion hack

Cryptocurrency giant Binance announced on Saturday that it has managed to cover 90% of the funds stolen in a staggering $6.3 billion hack of its platform. In a detailed update on its website, the exchange revealed that the recovery funds will be sourced from three primary reserves: a portion of the Secure Asset Fund for Users (SAFU), a segment of the Futures insurance fund, and Binance's own corporate treasury.

Users were also provided with the option to monitor their balances in the first two funds directly online. The remaining 10% of the stolen assets, which consist of less liquid tokens, may require additional time to secure, Binance explained. The exchange stated that it anticipates resuming withdrawal services for its users on November 1, though the exact timing will be confirmed in due course.

The massive theft, which occurred early on Friday, has been labeled as the largest crypto heist on record, surpassing the $1.5 billion stolen from exchange Bybit in February 2025. The cyber attack initiated when funds began exiting Binance's hot wallets, connected to the internet for processing customer withdrawals, at approximately 12:24 AM UAE time on October 30.

A single transaction alone transferred a significant $388 million worth of Ether, along with 63 other tokens, to a freshly created address funded through the Tornado Cash mixing service, according to data from Etherscan. The news sent Bitcoin shares into a downward spiral, with their value plummeting to around $76,450, as reported by CoinMarketCap.