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Binance covers $6 billion of assets lost in October hack
Binance announced that it has covered $6 billion of the approximately $6.3 billion impacted by a recent hack, with efforts continuing to recover assets and restore affected services.
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According to Binance’s official update, the exchange experienced a significant hack on October 29, 2026, resulting in the compromise of approximately $6.3 billion worth of token assets from its hot wallets. In response, Binance stated that it has already covered $6 billion of the impacted amount, utilizing company reserves and the Secure Asset Fund for Users (SAFU), and has implemented measures such as freezing stolen assets with partners, enhancing security protocols, and temporarily suspending withdrawals for security reviews. Binance emphasized that users will not be required to bear the financial loss. Efforts are ongoing to recover additional assets and restore affected services, with further updates expected through the company’s official channels.
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Binance is a cryptocurrency exchange headquartered in Hong Kong, recognized for its high trading volumes and platform liquidity. Key features include its proprietary BNB Coin for reducing commissions, a cold wallet for asset storage, and a complex commission and reward system. For more details, see the broker profile on Traders Union: broker profile on Traders Union.
For a deeper understanding of the recent challenges faced by Binance, see our earlier news about Binance, which detailed the massive $6 billion hack traced to North Korea-linked actors and the resulting wave of compliance pressures across the crypto industry.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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