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# Binance says it will cover $6.3bn hot-wallet theft from its own funds
- URL: https://thecoverwire.com/binance-6-3bn-hot-wallet-theft-company-funds/
- Published: 2026-10-31T15:00:00.000Z
- Updated: 2026-11-02T11:34:39.000Z
- Description: About $3bn of the stolen assets have been frozen on-chain, and the exchange says it already holds $5bn in the affected token assets.
- Author: CoverWire
- Tags: Cyber, #desk-risk, #brief

Binance will cover about $6.3bn of crypto assets stolen from its hot wallets through its Secure Asset Fund for Users and its corporate treasury, [the exchange's co-chief executives said](https://www.binance.com/en/support/announcement/detail/d3306d9dca5243548c813b605e1d1751?ref=thecoverwire.com) on 30 October.

The wallets were compromised at about 20:05 UTC on 29 October. Binance said it had set aside more than $6.34bn and found no evidence that wallet private keys were leaked.

TRM Labs said elements of the attack resembled earlier incidents linked to North Korea, including the $1.5bn theft from Bybit in 2025, [the BBC reported](https://www.bbc.co.uk/news/articles/cwe8lp7zy07zo?ref=thecoverwire.com). Crypto theft cover is a niche business written largely by specialist insurers in the Lloyd's market and Bermuda, [Reuters reported](https://www.channelnewsasia.com/business/explainer-binances-63-billion-hack-how-crypto-insurance-works-6507006?ref=thecoverwire.com).

Binance said the result of its proof-of-reserves snapshot would be ready by 2 November.

Related coverage: [Coalition found 1,506 exposed fridge panels before French store attack](https://thecoverwire.com/danfoss-storeview-panels-exposed-coalition-scan/) and [Symantec finds AI agent running 100,000 steps on hijacked models](https://thecoverwire.com/symantec-llmjacking-agent-hijacked-ai-models/).

## Sources

- [Binance, Security Incident Update #2, 30 Oct 2026](https://www.binance.com/en/support/announcement/detail/d3306d9dca5243548c813b605e1d1751?ref=thecoverwire.com)
- [BBC News, 30 Oct 2026](https://www.bbc.co.uk/news/articles/cwe8lp7zy07zo?ref=thecoverwire.com)
- [Reuters explainer via CNA, 30 Oct 2026](https://www.channelnewsasia.com/business/explainer-binances-63-billion-hack-how-crypto-insurance-works-6507006?ref=thecoverwire.com)