Binance sets aside $6.34 billion in corporate funds to cover hack losses
Author: Crypffalo Research · 18:56 30/10/2026
Binance says it has reserved more than $6.34 billion of corporate funds to cover hack losses, with about $5 billion already held in the affected tokens. Withdrawals remain paused and are expected to resume within 48 hours.
Binance says it has set aside more than $6.34 billion in corporate funds to cover all losses from the Oct 29 hack. The exchange made the announcement on its official X account at around 11:00 UTC on Oct 30.
According to Binance, about $5 billion of that is already held in the original form of the affected tokens. The rest is being bought on the open market and through OTC desks, while withdrawals remain paused.
Key takeaways
- Reserve: more than $6.34 billion of company money, excluding roughly $3 billion in assets that have already been frozen.
- Already in hand: about $5 billion sits in the affected tokens, with the remainder being purchased via markets and OTC.
- Withdrawals: still paused, with Binance expecting to resume them within 48 hours of its Oct 30 update; deposits keep working.
- CZ and Yi He: CZ put the remaining gap at around $2 billion, while Yi He said this year's revenue can cover the losses.
- Market: Bitcoin trades near $77,300 and liquidations across crypto hit about $1.57 billion in 24 hours.
What Binance said in its latest update
Binance said it has started restoring assets for affected users. It will work with law enforcement, token issuers and blockchain intelligence firms to track, freeze and recover more of the stolen funds.
The key detail is that the $6.34 billion is separate from the frozen assets. Around $3 billion that has been frozen is still being recovered and verified, so it is not counted in the reserve.
The exchange also warned that the process may take longer. Some tokens have thin liquidity, and OTC trades need time to settle.
CZ's math and the spat with Elon Musk
Before the exchange's update, founder Changpeng Zhao (CZ) shared a rough calculation on X. He put the hack at more than $6 billion, with about $3 billion frozen and over $1 billion available from Binance's SAFU fund.
That left a gap of roughly $2 billion, by CZ's estimate. He described the shortfall as painful but manageable.
CZ also pointed to Binance's SpaceX shares, which came from its $500 million contribution to Elon Musk's Twitter takeover. He said that stake is now worth more than $1 billion.
Co-CEO Yi He later said Binance's revenue for the year is enough to cover the losses. She added there is no need yet to sell the SpaceX shares, and CZ replied that he had not suggested selling them.
How the hack has unfolded so far
- Oct 29: Binance wallets show unusual outflows, and Tether and Circle freeze part of the linked stablecoins.
- Oct 30 (morning): Binance confirms about $6.3 billion was affected, with an initial probe pointing to a compromised DevOps engineer's laptop.
- Oct 30: TRM Labs and Elliptic attribute the attack to North Korea-linked hackers; Binance has not confirmed who was behind it.
- Oct 30 (evening, GMT+7): Binance announces the $6.34 billion-plus reserve from corporate funds.
Some outlets report that the FBI and the U.S. Secret Service have joined the investigation. At the time of writing, those agencies had not issued an official statement.
What it means for crypto markets
Per CoinDesk, Bitcoin traded near $77,350 after dipping to $76,400, its lowest level since Sept. 18. Ether briefly touched $2,170 before recovering to around $2,220, while BNB fell about 6% over 24 hours.
- Bull case: a pledge backed by company money, much of it already held in the original tokens, could ease solvency fears and limit a rush for the exits once withdrawals reopen.
- Risk case: buying replacement tokens could pressure thinly traded coins, and any delay beyond the 48-hour window could hurt sentiment further.
The unfrozen portion of the stolen funds is still controlled by the attacker. If those coins are dumped, the affected tokens could face more selling pressure.
What to watch next
- When Binance reopens withdrawals and publishes the full technical report it has promised.
- Progress on recovering the roughly $3 billion in frozen assets.
- Fund movements from the attacker's wallets and how BNB reacts.
- Leverage swings on our real-time liquidations page and macro dates in the economic calendar.
Frequently Asked Questions
Will Binance users be made whole?
Binance has pledged to cover all losses with a reserve of more than $6.34 billion from corporate funds. Completion may take time because some tokens still need to be bought on the market and via OTC.
When will Binance withdrawals resume?
The exchange expects to reopen withdrawals within 48 hours of its Oct 30 update. Deposits continue to work in the meantime.
Is the $3 billion in frozen funds part of the $6.34 billion reserve?
No. The frozen assets are counted separately and are still being recovered and verified.
*This content is for information only and is not financial advice.*
Tags: Binance, Hack, BNB, Security, Bitcoin
Related articles
- Trump says US looking into Binance hack as CFTC chair pushes offshore oversight
- Binance targets Nov 1 withdrawal restart after finding more breach points in $6.3B hack
- Crypto stocks slide: Coinbase drops 12%, Strategy 11% as Binance hack weighs
- Bitcoin Falls Below $77,000 as Binance Hack Triggers $1.5B in Liquidations
- Binance confirms $6.3 billion hack as analysts point to North Korea's Lazarus
- Binance Halts Withdrawals on Several Networks After Suspected Hack; CZ Expects Full Cover