- Binance said it reserved more than $6.34 billion of company funds to cover user losses from a large-scale cyberattack.
- The exchange said about $5 billion is already held in the same token assets affected by the attack.
- Binance said industry partners have frozen another $3 billion in assets, separate from the company reserve.
Binance said on Oct. 30, 2026, that it had begun recovering assets affected by a large-scale cyberattack and reserved more than $6.34 billion of company funds to cover user losses. The commitment is intended to cover confirmed shortfalls while the exchange and its partners trace, freeze and recover additional assets.
In an X post, Binance said it had already publicly committed in a previous announcement to cover the losses with company funds.
Token purchases and recovery work
Binance said about $5 billion of the reserved funds is already held in the same token assets affected by the attack. The exchange is completing purchases of the remaining amount through market and over-the-counter channels to match the affected assets and address shortfalls in particular tokens.
The process could take longer because some tokens may have low liquidity and over-the-counter transactions require time to settle, Binance said. The company did not provide a timetable for completing the purchases but said it would release further progress updates.
Binance said it continues to work with law enforcement agencies, token issuers, blockchain intelligence firms and other industry partners to trace, freeze and recover assets linked to the incident.
Frozen assets and verification
Industry partners have frozen $3 billion in assets, according to Binance. That amount is not included in the exchange’s reserve of more than $6.34 billion and remains subject to continuing recovery and verification efforts.
Binance said it is working with its partners and law enforcement to recover the frozen assets. The exchange also said it would continue using company resources to cover any confirmed shortfall as the recovery process advances.
The company plans to verify publicly that all user funds are accounted for through its Proof of Reserves mechanism. Binance said it would provide further verified updates as the recovery work progresses.
Separately, crypto platforms have reportedly lost $3.63 billion to hacker attacks since the beginning of 2025.
Source: Incrypted
