WORLDTECHBinance Says Company Funds Fully Cover $6.34 Billion Theft
Binance said on Thursday that it has replaced the tokens hit by a $6.34 billion security incident using company money, and that its users are now whole. The exchange has not recovered the stolen coins from the attackers, and the claim rests on its own published figures for now.
Where the money came from
The exchange said it committed more than $6.34 billion of company funds to buy the affected tokens through market and over-the-counter channels. Those funds were drawn from a partial deployment of its Secure Asset Fund for Users, a surplus portion of its futures insurance fund above the level its risk-management framework requires, and its corporate treasury.
Binance has also pledged to bring SAFU back to about $1 billion after the partial draw, which it said keeps the fund fully resourced as an emergency reserve for users.
What coverage does not include
Coverage means Binance has replaced the affected tokens from its own books. It does not mean the stolen coins have been returned by the attackers.
A very small number of tokens the exchange no longer lists were also hit. Binance said those holdings will be handled under its delisting process and that holders will be covered.
Snapshot widens but cannot yet be checked
Binance took a fresh proof-of-reserves snapshot at 00:00 UTC covering 198 tokens, up sharply from the 10 tokens in the snapshot it published in the days after the breach. The figures are posted on the exchange's proof-of-reserves website.
The exchange describes the snapshot as an updated view of assets that are fully accounted for, but users cannot confirm that themselves yet. Binance said the full zero-knowledge proof will take about 40 to 50 hours to generate, after which holders of the affected tokens can verify that their assets are backed at a minimum of 1:1. Until then, that backing rests on Binance's statement.
Withdrawals still reopening in stages
Thursday's update does not reopen the platform in one step. Binance said it is continuing to restore withdrawals in phases and will share further details once they are confirmed.
The announcement, which the exchange repeated on X, addresses customer balances, but it leaves full recovery of platform operations unanswered.
Open questions
- Will users be able to verify the 1:1 backing once the zero-knowledge proof is generated?
- When will withdrawals be fully restored across the platform?
- Will the stolen coins be recovered from the attackers?