Binance Says It Set Aside $6.34 Billion to Cover Losses After Record Crypto Theft

Binance says it has set aside more than $6.34 billion in company funds to replace customer assets affected by an October 29, 2026, security breach, as the cryptocurrency exchange works toward restarting withdrawals. The allocation is a company disclosure—not independent confirmation that customers have been reimbursed or that all replacement assets are available.

The funding announcement, reported by Bitcoin.com, came less than a day after the theft. Binance estimated that approximately $6.3 billion in assets were affected, while blockchain investigators have published somewhat different totals. The incident remains under investigation.

Company funds and token purchases

Binance said approximately $5 billion of its allocation was already held in the same tokens affected by the breach, according to CoinDesk and The Block. The exchange said it was purchasing the remaining tokens through over-the-counter transactions and public markets.

Holding the relevant tokens matters because a dollar-equivalent allocation does not necessarily replace the quantities of each asset owed to customers. Binance warned that limited liquidity in some tokens, along with the time required to settle over-the-counter trades, could slow that process. Its announcement described purchases still underway, rather than a completed replacement of every affected asset.

The exchange said it would use company resources to cover the shortfall and provide public verification through its Proof of Reserves program. Those statements are commitments; the cited reports do not establish that a post-incident reserve verification or the reimbursement process has been completed.

Billions frozen, but recovery is separate

Binance said industry partners had frozen approximately $3 billion connected to the theft. That amount was separate from its corporate allocation and included more than $2.3 billion in stablecoins frozen by Tether and Circle, according to Bitcoin.com’s report.

Blockchain analytics firm Elliptic independently identified $2.84 billion in frozen assets at the time of its analysis. That snapshot should not be treated as identical to Binance’s broader reported total. Crucially, freezing assets is not the same as returning them to the exchange: restrictions can prevent further movement while recovery remains subject to additional action.

Binance said it was working with issuers, blockchain intelligence companies, industry partners and law enforcement to trace funds and pursue recovery. Reuters, in a report carried by Investing.com, cited a person familiar with the situation as saying the FBI and U.S. Secret Service were assisting. That account was attributed to a source, rather than public confirmation from the agencies.

Withdrawal estimate and market fallout

Binance halted withdrawals following the incident. In an October 30 update, it estimated that withdrawals could restart in about 45 hours, with the exact timing to be announced officially. That was a forecast, not confirmation that service had resumed, and it concerned withdrawals rather than every aspect of exchange operations.

The theft also coincided with a broader cryptocurrency selloff. CoinDesk reported approximately $1.53 billion in leveraged-position liquidations over a rolling 24-hour period, citing CoinGlass data. The figure captures liquidations amid the market turmoil; it does not establish that the breach alone caused the entire amount.

Elliptic estimated the theft at $6.43 billion and linked it to North Korean attackers. Its analysis placed the incident above the approximately $1.46 billion Bybit theft in February 2025, supporting its characterization as the largest cryptocurrency theft recorded. The North Korea attribution remains an assessment by security researchers, not a final law-enforcement finding in the cited material.

What remains unresolved

The final loss total, the amount ultimately returned from frozen assets and the completion of Binance’s replacement-token purchases remain unsettled. Binance’s estimate and investigators’ figures should therefore not be presented as a single agreed final accounting.

The exchange’s funding pledge addresses its stated intention to absorb the losses. Whether that pledge has been fully implemented requires separate evidence, including completed asset purchases, confirmed withdrawal availability and the promised public reserve disclosures.