Binance Completes Coverage After Committing More Than $6.34B

Binance said it completed covering customer assets affected by the Oct. 29 security incident, committing more than $6.34 billion in company funds to replace affected balances.

Funding came from a partial deployment of its Secure Asset Fund for Users, futures insurance funds above the exchange’s risk-framework minimum and corporate treasury. Binance plans to restore the fund to about $1 billion. Withdrawals are reopening in phases, and affected tokens the exchange no longer supports will go through its delisting process.

On Nov. 12, the Justice Department said courts had authorized seizure or restraint of more than $1.2 billion in stolen Binance cryptocurrency. That amount is part of more than $2.7 billion frozen through government and private-sector efforts. Tracing, freezing, seizure and forfeiture work remains ongoing.

The FBI blamed North Korea for the Oct. 29 theft of more than $6 billion in virtual assets from Binance, referring to the activity as “TraderTraitor.” Binance’s funding covers customer balances; the Justice Department’s action concerns the original stolen crypto. Binance’s reserve snapshot, taken at 7 p.m. ET Nov. 11 (00:00 UTC Nov. 12), covered 198 tokens, but the full proof was estimated to take 40 to 50 hours to generate, leaving user checks pending.