Binance secures 90% of funds following record $6.3 billion cyberattack

Binance has managed to secure 90 per cent of the funds needed to replace assets taken during a record-breaking $6.3 billion cyberattack, the cryptocurrency exchange announced on Saturday.

The company stated that the capital required to cover the losses is being drawn from three primary reserves. These include a partial allocation from its Secure Asset Fund for Users, known as SAFU, a segment of its Futures insurance reserve, and funds taken directly from the firm's corporate treasury. Customers were told they could verify the current totals of the two reserve funds online.

The remaining 10 per cent of the stolen value involves tokens that have lower market liquidity, according to the platform. Because these particular digital currencies are traded in smaller volumes, the company explained that acquiring the necessary quantities will require additional time. Binance indicated that platform withdrawals are scheduled to restart on November 1, with specific procedures and timing to be clarified soon.

The incident represents the largest single cryptocurrency theft to date, surpassing the previous record of $1.5 billion taken from rival platform Bybit in February 2025. The breach began early Friday morning, around 12:24 a.m. UAE time on October 30, when unauthorized transfers were initiated from the exchange's hot wallets, which are online storage mechanisms used to facilitate standard user withdrawals.

Blockchain records tracked on Etherscan revealed that an initial transfer siphoned roughly 167,464 Ether, valued at roughly $388 million, alongside 63 other digital tokens. The assets were routed to a newly generated wallet address that had been funded via Tornado Cash, an online tool designed to obscure transaction histories.

The scale of the breach prompted a sharp downturn across digital currency markets. Bitcoin fell to roughly $76,450 following reports of the attack, according to tracking data provided by CoinMarketCap.