TIMES OF INDIA · 2026-10-31 10:40 UTC

'Binance will absorb the impact, not users': Crypto exchange sets aside $6.34 billion to cover hack losses

Binance suffered a $6.3 billion crypto theft on October 29 when hot wallets were compromised; the exchange is covering the full loss from its own funds and SAFU reserve. Binance has already replaced 80% of stolen assets ($5 billion) through market and OTC purchases, frozen $3 billion of stolen funds across blockchains, and plans to restore withdrawals within 34 hours. Investigation uncovered multiple breach points beyond initial compromised laptop; blockchain firms linked the theft to North Korean hacking group TraderTraitor.

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