Binance CEO Richard Teng said on October 30, 2026, that the exchange would cover all losses from the hack with company funds. He said the attack hit Binance’s hot wallet, not customer funds. Binance has reserved more than $6.34 billion for the losses, including $5 billion already held in the stolen tokens, and is buying the rest.
Withdrawals remain paused while Binance rebuilds and tests its infrastructure. Teng said the attacker used an EIP-7702 delegation that bypassed normal approval controls and a self-destruct mechanism that erased traces. Binance hopes to restore withdrawals by Sunday and plans to publish a full proof of reserves by Monday; neither step was reported complete. TRM Labs and Chainalysis attributed the theft to North Korean group TraderTraitor.
