Cryptocurrency exchange Binance has set a Sunday deadline to resume withdrawals following a security breach estimated to have cost the company about $6.3 billion, while pledging to cover all losses from its corporate funds.
Gatekeepers News reports that the exchange’s co-chief executive officer, Richard Teng, disclosed this in an update on Friday, October 30, 2026, saying Binance had reserved more than $6.34 billion to cover losses arising from the incident.
According to TheCable, the company has already secured more than $5 billion of the affected digital assets in their respective cryptocurrencies, while it is purchasing the remaining amount through market and over-the-counter transactions.
Binance said the process could take longer because some of the affected tokens have low market liquidity and require additional settlement time.
The company also disclosed that approximately $3 billion of the affected assets had been frozen with the assistance of industry partners.
“We will continue to use company resources to cover confirmed shortfall and will provide further verified updates as recovery efforts progress,” the exchange said.
The breach was initially traced to a compromised laptop belonging to a DevOps engineer, which allegedly allowed attackers to access a service container and initiate unauthorised withdrawal transactions.
However, Teng disclosed that further investigations had uncovered additional points of breach, suggesting that the attack was more complex than initially suspected.
He said the attackers exploited security weaknesses involving Binance’s hot wallet, which handles transactions connected to the internet. The exchange added that it had found no evidence that users’ wallet private keys were leaked.
Binance has temporarily suspended withdrawals while rebuilding and testing its withdrawal infrastructure. However, deposits remain unaffected and continue to operate normally.
In a video update, Teng said the company was working with law enforcement agencies, blockchain intelligence firms, token issuers and other cryptocurrency exchanges to trace and recover the stolen assets.
Meanwhile, blockchain intelligence firms TRM Labs and Chainalysis have linked the attack to North Korea’s TraderTraitor hacking group, although Binance has not officially attributed responsibility to any group.
The exchange also promised to publish an updated Proof of Reserves report after completing its security remediation, with a full technical account of the incident expected after investigations.
