Binance replaces 90% of $6.3bn hack losses; withdrawals due today
In short
- Binance says it has replaced 90% of the roughly $6.3 billion stolen in the 29 October hack, up from 80% a day earlier, and that it is on track to reopen withdrawals today, Sunday 1 November. These are the exchange’s own figures.
- Binance says it, not its users, will absorb the losses; about $3 billion of the stolen assets has been frozen by partners including Tether and Circle. The full proof of reserves is due by 3 November.
- At 7:00 a.m. (Sofia time) Bitcoin is £58,013 ($77,731), up 0.7% in 24 hours and down 3.9% on the week.
Binance says it has now replaced 90% of the crypto stolen in Thursday’s hack and plans to let users withdraw again today, but the figures come from the exchange itself and have not yet been independently verified. On Friday we covered the Binance hack and yesterday what it left in the Bitcoin price; this is the latest.
What happened
According to CoinDesk, Binance said on 31 October that it has replenished 90% of the roughly $6.3 billion taken in the attack, up from about 80% in the previous update. The remaining 10% is made up of less liquid tokens that may take longer to buy. The replacement assets come from the company’s treasury, part of the futures insurance fund and a partial use of SAFU, its user-protection reserve, which Binance says it will restore to about $1 billion.
Binance says it remains on track to reopen withdrawals on Sunday 1 November. No time of day has been given, and at 7:00 a.m. we could not confirm that they had reopened. In the exchange’s words: “Binance will absorb the financial impact of these stolen funds, not our users.” A proof-of-reserves snapshot from midnight UTC on 31 October shows coverage of 100% or more for the named tokens; the full cryptographic proof is due by 3 November and, Binance says, takes 40 to 50 hours to generate (Forex Crunch).
Not everything is settled. Security firm CertiK said it needs more information to verify the claimed $5 billion in replacement holdings. About $3 billion of the stolen assets has been frozen by industry partners including Tether and Circle, which is separate from the replenished tokens. Chainalysis and TRM Labs attribute the attack to TraderTraitor, a North Korea-linked group; President Trump said “we don’t know” whether North Korea was behind it. Co-CEO Richard Teng said investigators found breach points beyond an initially suspected compromised employee laptop.
Prices at 7:00 a.m.: Bitcoin £58,013 ($77,731), Ethereum £1,692 and BNB £526. Over the week they are down 3.9%, 4.1% and 5.6% respectively.
What it means for you
The maths: 0.1 Bitcoin is worth £5,801 at 7:00 a.m., about £233 less than a week ago. Money left on an exchange is a claim on that exchange: Binance says user balances are intact and that a snapshot shows 100% backing, and the full proof due by 3 November will allow outside checks.
Live prices: crypto prices.
Bottom line
Binance says 90% of the $6.3 billion is replaced, withdrawals are due to reopen today and a full proof of reserves is due by 3 November; CertiK has not yet verified the $5 billion claim. Bitcoin is £58,013 ($77,731), down 3.9% on the week.
Sources: CoinDesk · Forex Crunch
For information only. This is not investment advice.
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