# Binance Commits $6.34 Billion to Cover Hot-Wallet Hack Losses

By Simon Yoon

Canonical URL: https://www.tokenpost.com/news/technology/45648
Published: 2026-11-01T00:50:32.000Z
Updated: 2026-11-01T00:50:32.000Z
Section: Technology

> The exchange said about $5 billion in matching tokens is already available; withdrawals remain paused as it rebuilds and tests security controls.

Binance committed more than $6.34 billion in company funds to cover losses from a hot-wallet attack that drained about $6.3 billion, a breach that has kept withdrawals suspended as the exchange rebuilds security controls.

Binance co-CEO Richard Teng and co-CEO He Yi pledged to cover the full loss. Teng said the company had set aside more than $6.34 billion for the affected assets, including about $5 billion already held in matching tokens such as Bitcoin (BTC), Ether (ETH), BNB, Tether (USDT) and USD Coin (USDC). Binance plans to acquire the remainder through market and over-the-counter purchases.

The exchange said the attack hit its own hot wallet and did not affect customer assets. About $3 billion of the stolen crypto had been frozen on-chain by Oct. 30. Binance’s initial investigation indicated that an employee’s laptop may have been compromised; attackers also used Ethereum’s EIP-7702 authorization mechanism to bypass normal approval controls.

Withdrawals remain paused while Binance rebuilds and tests its infrastructure. Teng said the company is targeting a new proof-of-reserves report by Monday, Nov. 2, and plans to publish a technical review after the investigation.