Binance reserves $6.34 billion after $6.3 billion crypto attack

Binance said it has set aside more than $6.34 billion in company funds to address the fallout from an attack in which hackers stole $6.3 billion from the cryptocurrency platform.

Company funds earmarked for affected assets

According to Binance, about $5 billion of the reserve is already held in the token assets affected by the incident. CoinDesk, reporting on a company update, said Binance plans to acquire the remaining amount through public markets and over-the-counter transactions so that customer balances can be restored on a one-for-one basis. That account was attributed to the exchange and should not be read as an independent estimate of the shortfall.

Frozen assets and public verification

Binance also said industry partners have frozen $3 billion in assets connected to the attack. The company said it is working with partners and law enforcement on recovery efforts and will publicly verify all user funds through its proof-of-reserves system.

CoinDesk separately reported that deposits remained open while withdrawals were paused for security checks. Binance’s reserve commitment is intended to cover confirmed losses, but the recovery of frozen assets and any remaining shortfall remains ongoing.

What is known so far

The figures come from Binance’s statements and the reports cited below. The reported $6.3 billion theft, the reserve allocation and the asset freezes describe the company’s response to the incident; they do not establish who carried out the attack or guarantee that all frozen assets will be recovered.

Sources

• Reuters: Binance sets aside over $6.34 billion to cover losses from attack
• CoinDesk: Binance arranges $6.34 billion to cover losses from record crypto hack
• Unsplash: Binance 3D logo illustration