Binance Pledges Full Reimbursing After $6.3B Breach, Prepares to Reopen Withdrawals
Crypto exchange giant Binance has committed to fully covering all user losses following a massive $6.3 billion cyberattack. The platform announced it has already repurchased 90% of the stolen digital assets using internal reserves, guaranteeing that affected users will bear zero financial cost.
Restoring Low-Liquidity Assets
Binance noted that the remaining 10% of lost funds comprises less liquid tokens, requiring extra time for market buybacks. Co-CEO Richard Teng reassured the community that user balances are fully protected and that recovery efforts will proceed until all funds are accounted for.
Sophisticated Malware & North Korea Link
According to Binance, the breach involved a compromised laptop and self-erasing malware engineered to destroy forensic trails. Industry analysts have linked the sophisticated attack vector to North Korean threat actors.
$6.34B Liquidity Deployment
To fund the complete recovery, Binance mobilized $6.34 billion across multiple internal reserves, including:
The Bitcoin-backed Secure Asset Fund for Users (SAFU).
Futures Trading Insurance Fund reserves.
Corporate treasury assets.
The platform remains on schedule to restore user withdrawal operations on Sunday, November 1.
100% Reserve Backing Verification
To reinforce market trust, Binance completed a fresh Proof-of-Reserves (PoR) audit snapshot. The system verifies 1:1 asset backing across 10 major tokens: Bitcoin, Ethereum, Tether, BNB, Solana, USDC, XRP, USD1, RLUSD, and ZEC.