THE INDEPENDENT · 2026-10-31 19:56 UTC

Binance says it covered 90% of losses from $6.3 billion hack so far

Binance says it has replaced 90% of the $6.3 billion in cryptocurrency stolen in a hack, funded by company money, with the remaining 10% consisting of less liquid tokens. Co-CEO Richard Teng stated users will not bear the financial impact and the exchange plans to reopen withdrawals on Sunday. Binance allocated $6.34 billion in company funds to cover losses, drawing from its $1 billion SAFU reserve, Futures insurance fund, and corporate treasury.

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