Binance Recovers 90% of Funds After Record-Breaking $6.3 Billion Crypto Hack

Cryptocurrency exchange Binance announced on Saturday that it has successfully recovered 90 percent of the funds lost in a massive $6.3 billion hack that targeted its platform. In a statement released on its website, Binance detailed that the recovery of the stolen assets will be funded through three primary sources: a partial allocation from the Secure Asset Fund for Users (SAFU), a portion of the Futures insurance fund, and the company's own corporate treasury. Binance also provided users with the ability to verify the balances of the first two funds online.

The remaining 10 percent of the stolen funds consists of less liquid tokens, which the company stated may require more time to acquire in the necessary quantities. Binance anticipates that withdrawal services for its users will be reinstated on November 1, with additional details to be communicated at a later date.

What Happened?

Binance Holdings, recognized as the world's largest cryptocurrency exchange, reported an estimated loss of $6.3 billion to hackers in the early hours of Friday. This incident has been characterized as the most significant cryptocurrency theft on record, surpassing the $1.5 billion stolen from Bybit in February 2025. The illicit transfers began from Binance's hot wallets, which are internet-connected to facilitate customer withdrawals, around 12:24 AM UAE time on October 30. Data from Etherscan indicates that a single transaction moved approximately 167,464 Ether, valued at about $388 million, along with 63 other tokens, to a newly created address that had been funded via the Tornado Cash mixing service. Following the news of the hack, Bitcoin shares experienced a significant decline, falling to approximately $76,450, according to data from CoinMarketCap.