Binance Says 95% of Hot-Wallet Breach Impact Has Been Covered

Binance said Nov. 2 that it had covered 95% of the amount affected by its Oct. 29 hot-wallet compromise, adding a recovery update to an incident initially valued at $6.3 billion.

Binance identified the compromise at 4:05 p.m. ET on Oct. 29. Its initial $6.3 billion estimate described affected token assets, not a confirmed net loss. In an Oct. 30 update, the exchange said about $3 billion had been frozen on-chain.

The frozen funds and the later coverage figure describe different measures. Binance’s Nov. 2 update gave the coverage figure but did not state a final net loss.