Binance says it will cover $6.3bn hot-wallet theft from its own funds
About $3bn of the stolen assets have been frozen on-chain, and the exchange says it already holds $5bn in the affected token assets.
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 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. Crypto theft cover is a niche business written largely by specialist insurers in the Lloyd's market and Bermuda, Reuters reported.
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 and Symantec finds AI agent running 100,000 steps on hijacked models.
Sources
- Binance, Security Incident Update #2, 30 Oct 2026
- BBC News, 30 Oct 2026
- Reuters explainer via CNA, 30 Oct 2026
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