{
  "id": 17388829,
  "title": "‘Binance will absorb impact, not users’: Crypto giant sets aside $6.34 bn to cover losses",
  "url": "https://urgent.news/2026/10/31/binance-will-absorb-impact-not-users-crypto-giant-sets-aside-6-34-bn",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-31T10:39:09.000Z",
  "source": {
    "name": "Times of India",
    "slug": "times-of-india",
    "url": "https://timesofindia.indiatimes.com/business/international-business/binance-will-absorb-the-impact-not-users-crypto-exchange-sets-aside-6-34-billion-to-cover-hack-losses/articleshow/135398082.cms"
  },
  "original_language": "en",
  "account": "Binance, a leading cryptocurrency exchange, has assured users that their funds are safe following a major security breach. The exchange announced it will cover the $6.34 billion loss from its own resources, setting aside over $6.34 billion to compensate for the stolen assets. Binance has already recovered about 80% of the stolen tokens, including major cryptocurrencies like USDC, USDT, Bitcoin (BTC), Ether (ETH) and BNB. It is currently working on obtaining the remaining tokens through market and OTC purchases. The company stated that all compensations will be funded through its Secure Asset Fund for Users (SAFU) and corporate treasury, emphasizing that users will not bear the financial impact of the theft.\n\nThe security breach occurred around 20:05 UTC on October 29, when Binance's hot wallets were compromised, resulting in unauthorized withdrawals of approximately $6.3 billion worth of digital assets. Binance has also frozen around $3 billion worth of the stolen funds across various blockchain networks, in coordination with law enforcement agencies, blockchain intelligence firms, asset issuers, and industry partners. The exchange aims to restore withdrawal services in phases within approximately 34 hours, though this timeline may change based on the completion of security checks. Deposits and other unaffected platform services will continue to operate normally. Binance plans to publish an updated Proof of Reserves report by November 2, allowing users to verify the digital assets backing their account balances.\n\nFollowing the investigation, Binance discovered that the breach might have been caused by additional points of intrusion, beyond the initial suspicion of a compromised laptop. No evidence of leaked wallet private keys has been found so far, and further technical findings are expected within 48 hours. North Korean hacking group TraderTraitor has been linked to the $6.3 billion theft, according to blockchain investigation firms TRM Labs and Chainalysis. While Binance has not publicly identified the perpetrators and maintains that its investigation is ongoing, cybersecurity experts have noted that money generated from North Korean cryptocurrency thefts has reportedly financed the country's weapons programs. Binance has pledged to release a detailed technical report outlining the breach and the additional security measures it intends to implement to prevent future incidents.",
  "summary": "Binance has encountered a serious security breach, with $6.3 billion in digital assets being stolen. To safeguard its users, the exchange will utilize its Secure Asset Fund for Users to absorb the losses. Collaborating with law enforcement, approximately $3 billion in stolen cryptocurrency has been successfully frozen across multiple blockchains.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 5,
    "also_reported_by": [
      {
        "outlet": "CNA - Business",
        "title": "Crypto exchanges call for quick moves to bolster defenses after Binance heist",
        "url": "https://urgent.news/2026/10/31/crypto-exchanges-call-for-quick-moves-to-bolster-defenses-after",
        "published": "2026-10-31T00:26:58.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Crypto exchanges call for quick moves to bolster defenses after Binance heist",
        "url": "https://urgent.news/2026/10/31/crypto-exchanges-call-for-quick-moves-to-bolster-defenses-after-17367506",
        "published": "2026-10-31T00:30:40.000Z"
      },
      {
        "outlet": "Japan Times",
        "title": "Crypto exchanges call for quick moves to bolster defenses after Binance heist",
        "url": "https://urgent.news/2026/10/31/crypto-exchanges-call-for-quick-moves-to-bolster-defenses-after-17359091",
        "published": "2026-10-31T02:47:00.000Z"
      },
      {
        "outlet": "The Jakarta Post",
        "title": "Crypto exchanges call for quick moves to bolster defenses after Binance heist",
        "url": "https://urgent.news/2026/10/31/crypto-exchanges-call-for-quick-moves-to-bolster-defenses-after-17343627",
        "published": "2026-10-31T05:12:12.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}