Binance Reserves $6.34 Billion for Breach Losses, Targets November 1 Withdrawal Restart

Binance has earmarked more than $6.34 billion of its own funds to cover losses from its security breach, according to a video address by co-chief executive Richard Teng.

Teng said approximately $5 billion was already held in the same assets taken during the attack, including USDT, USDC, bitcoin, ether and BNB. The exchange is acquiring the remaining assets through market purchases and over-the-counter transactions.

The allocation is a funding commitment for covering the incident, rather than a new estimate of the amount stolen. Binance’s previously stated loss estimate remains approximately $6.3 billion.

Withdrawal Service Being Rebuilt

Binance hopes to restore withdrawals by Sunday, November 1. Teng said the withdrawal service was being rebuilt and would restart only after completing testing, making the date a target rather than a confirmed reopening.

The exchange also plans to publish an updated Proof of Reserves by Monday, November 2, with preliminary information potentially available earlier.

According to Teng, the stolen assets belonged to Binance and were held in its hot-wallet infrastructure. He said customer funds were unaffected and that most customer assets remained in cold storage. These statements represent the exchange’s account of the incident while its investigation continues.

Investigators Find Additional Entry Points

Binance’s initial explanation pointed to a compromised DevOps engineer’s laptop that allowed access to an internal service and the submission of unauthorised withdrawals.

Teng’s update described a broader operation. He said investigators believed multiple attackers were involved and had identified additional entry points.

He also said the attackers used mechanisms that deleted their tools and traces during the intrusion. Binance is reviewing security across employee computers, cloud infrastructure and transaction-signing systems. A completed technical investigation has not yet been published.

Loss Estimates Remain Above $6 Billion

Alongside Binance’s approximately $6.3 billion estimate, TRM Labs has put the stolen amount at $6.36 billion and Elliptic at $6.43 billion, according to the figures cited in the update.

Those estimates would make the incident roughly four times larger than the $1.5 billion Bybit theft in February 2025.

Approximately $3 billion in affected assets has reportedly been frozen with assistance from partners, including stablecoin issuers Tether and Circle. Frozen funds remain distinct from assets successfully recovered and returned to Binance.