Binance announced it will absorb the $6.3 billion loss from a hot‑wallet breach that occurred at 20:05 UTC on Oct. 29, ensuring no user funds were affected.
The exchange has already repurchased $5 billion worth of the stolen tokens—USDC, USDT, BTC, ETH and BNB—replacing roughly 80 % of the impacted assets while still working to recover the remainder through market and OTC channels.
A Binance spokesperson said the company froze about $3 billion of the stolen funds across multiple blockchain networks, coordinating with law‑enforcement agencies, blockchain intelligence firms and industry partners to halt further movement.
The investigation revealed that the breach likely involved a compromised laptop, but additional points of intrusion were uncovered, and no evidence of wallet private‑key leaks emerged; a detailed technical report is expected within 48 hours.
External analysis by TRM Labs and Chainalysis linked the theft to a North‑Korean hacking group known as TraderTraitor, though Binance has not named any perpetrators and says the probe remains open.
Binance plans to restore withdrawal services in phases over the next 34 hours, with deposits and other platform functions remaining fully operational, and will release an updated Proof of Reserves report by Mon., Nov. 2.