Victims of the biggest reported crypto theft in history can finally breathe a sigh of relief. Binance announced Thursday that it has finished replacing all the cryptocurrency stolen in last month's massive hack. The world's largest crypto exchange said it committed more than $6.34 billion in company funds to cover the losses from the October 29 attack. Over the past two weeks, Binance has been buying replacement tokens through regular markets and over-the-counter transactions.
Key takeaways
- Binance used over $6.34 billion of its own funds to replace all cryptocurrency stolen in the October 29 hack.
- The funds for reimbursement came from the Secure Asset Fund for Users, futures insurance fund, and corporate treasury.
- Blockchain security firm TRM Labs and the FBI attributed the attack to the North Korean hacking group TraderTraitor.
- Binance published a new Proof of Reserves snapshot covering 198 tokens to demonstrate one-to-one asset backing.
Funding the Multi-Billion Dollar Recovery
Binance derived the money for the reimbursements from a mix of the exchange's Secure Asset Fund for Users (SAFU), futures insurance fund, and corporate treasury. Binance also said it plans to replenish SAFU to roughly $1 billion in preparation for future emergencies. The exchange published a new Proof of Reserves snapshot, which covers 198 tokens, to show that it has enough assets to back customer holdings on a one-to-one basis.
Binance stated that users will be able to independently verify their holdings once it generates the full proof, a process the exchange expected to take 40 to 50 hours. In the meantime, Binance said it will continue restoring withdrawals in phases. The company posted on X to thank its users and community for their patience and understanding during the process.
Details of the Historic Heist and Investigation
On October 29, Binance confirmed that it had experienced a security incident involving approximately $6.3 billion in cryptocurrency. Blockchain security firm TRM Labs later reported that hackers stole the assets from Binance wallets across 10 blockchains, with most of the money vanishing in roughly 20 minutes. TRM Labs attributed the attack to TraderTraitor, a North Korean hacking group also linked to the $1.5 billion theft from crypto exchange Bybit in February 2025. The Federal Bureau of Investigation (FBI) has since also blamed North Korea for the attack.
Binance reported that nearly $3 billion in stolen assets had been frozen or intercepted shortly after the hack, and the company is working with the FBI to recover these funds. Meanwhile, hackers have been moving portions of the remaining cryptocurrency through thousands of wallets and transactions to hide its origins, according to Bloomberg reports. Perpetrators even created memecoins to launder about $430,000 in stolen assets. Binance's initial investigation suggested the attack may have started with a compromised laptop belonging to a DevOps engineer, although the company identified additional points of breach and is continuing to strengthen its security infrastructure.
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