Binance Says 98% of $6.3B Hack Losses Replenished

Binance says it has replenished 98% of the assets affected by its $6.3 billion hack, a recovery update that narrows the immediate shortfall for users while leaving questions about the breach unanswered. The exchange says it will cover the loss itself and is still buying the remaining tokens. The Associated Press report on the theft said the funds were taken from Binance wallets and that about $3 billion had been frozen with blockchain partners.

The recovery figure is Binance’s own accounting; it does not resolve how the attackers got in or how much stolen crypto can be recovered.

What does Binance mean by replenishing 98%?

Binance said on November 4 that it had replenished approximately 98% of the impacted amount using its own resources, and that it was buying the remainder through market and over-the-counter channels. The exchange said purchases could take longer because the remaining tokens are less liquid, meaning they are harder to buy in quantity without affecting their price. It did not give a final amount for that remaining 2% in the update.

The exchange’s latest statement is a claim about its reserves and assets, rather than evidence that the stolen tokens have been returned. Binance also said a new proof-of-reserves snapshot taken on November 4 covers 44 tokens, up from 10 in the prior snapshot. The full zero-knowledge proof, which would let holders independently check that covered balances are backed at least one-to-one, was expected to take 50 to 60 hours to generate.

What is known about the breach and who was blamed?

Binance has put the attack’s impact at about $6.3 billion. Earlier reporting by AP said the exchange initially pointed to a compromised laptop, then reported finding additional points of breach, without detailing them. Binance has said the incident affected its own funds and committed to covering the loss rather than passing it to users.

The FBI attributed the October 29 theft to North Korea and named the activity TraderTraitor, saying the attackers were converting assets primarily into ether. That is the agency’s attribution; Binance’s earlier public account said its investigation had not yet identified the criminals. The exchange has not explained in its latest update what the additional breach points were or how they enabled the withdrawals.

What remains uncertain for customers?

Binance says it is reopening withdrawals in phases while it strengthens safeguards, and its November 4 statement says that process is ongoing. The company’s recovery update does not say when all remaining assets will be replenished or provide a full technical account of the intrusion. Those details matter because the reserve commitment addresses the reported financial impact, while customers still need a clear account of the security failure and the measures intended to prevent another one.

References

• Associated Press report on the theft — apnews.com
• company’s recovery update — binance.com