Binance said a hot-wallet compromise occurred on Oct. 29 at about 8:05 p.m. UTC, in an attack estimated at $6.3 billion. It pledged to cover customer losses with its corporate treasury and emergency fund, but had not completed asset replacement. Binance said it had reserved more than $6.34 billion in company funds, including $5 billion already held in the affected cryptocurrencies; limited token liquidity and settlement times could slow purchases to fill the shortfall.
Binance separately reported about $3 billion in frozen stolen assets. It aimed to restart withdrawals in phases within about 34 hours of its Oct. 30 update, subject to security checks. Co-CEO Richard Teng said the attacker bypassed normal approval controls, while Binance said it had found no evidence that wallet private keys were leaked.
