Binance says it will cover losses after approximately $6.3 billion in cryptoassets was stolen from its hot wallets. The exchange’s latest verified incident update describes withdrawals as temporarily suspended while security checks continue.
The company says it has set aside more than $6.34 billion, including over $5 billion in the affected tokens, and is buying the remainder. About $3 billion in stolen assets has been frozen on-chain. Frozen funds are not the same as money already recovered.
The investigation remains open. Binance initially suspected a compromised laptop but subsequently identified additional breach points. It says it has found no evidence of leaked wallet private keys. These are the company’s preliminary findings, rather than a completed independent investigation.
Blockchain investigators at TRM Labs put the theft at approximately $6.36 billion across ten chains and attribute it with high confidence to the North Korea-linked TraderTraitor group. That is the firm’s investigative assessment; it should not be confused with a final judicial finding.
A hot wallet is connected to infrastructure used for transactions, making its operational security central to an exchange’s ability to process withdrawals. Covering a balance-sheet loss and safely restarting that infrastructure are separate tasks.
Binance plans a phased withdrawal restart after checks and a new Proof of Reserves report by 2 November. At the time of the update checked for this article, that report was still planned. The pledge to absorb losses should not be read as confirmation that all services have already returned to normal.
