Binance said that it has recovered 90% of the stolen crypto assets and the remaining balance will be borne by the platform. It is expected to resume withdrawals on November 1.

Abstract:

Binance, one of the world's largest cryptocurrency trading platforms, recently encountered a major security incident. Hackers stole approximately US$6.3 billion worth of user cryptoassets. In the face of this staggering theft, the CEO of Binance stated that about 90% of the stolen funds have been replenished so far, and the company will bear all losses and will continue to make up the remainder.

According to Binance, the total assets stolen were approximately US$6.3 billion. At present, the platform has repaid about 90% of it, and the relevant funds are directly borne by Binance. The approximately 10% that have not yet been replenished mainly involves less liquid crypto tokens. Such assets are not easily available in the market quickly, so the replenishment process may take longer.

Binance emphasized that users will not bear any financial losses due to this security incident. The company promises to fully cover the financial impact of this incident and fulfill this commitment through quantifiable progress, transparent information disclosure, and practical actions.

At the same time, Binance is preparing to resume user withdrawal services. Since the platform suspended the withdrawal function after the security incident, users are temporarily unable to withdraw assets normally. Binance said in an announcement on social platform

This incident not only tested Binance’s asset reserves and risk response capabilities, but also once again triggered the market’s attention to the security mechanisms of large cryptocurrency trading platforms. For exchanges, it is important to be able to quickly replenish assets and maintain user confidence after major thefts, but the recovery of funds, when withdrawal services will be fully restored, and whether more detailed security investigation results will be announced in the future will also affect users' trust in the platform.

Currently, Binance states that it will still bear all losses caused by the stolen funds. However, the replenishment progress of the remaining low-liquidity tokens and the plan to resume withdrawals on November 1 remain to be confirmed by subsequent announcements.

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