Binance Secures $6.34 Billion for Recovery Within 14 Hours of Hack

Binance, the world’s largest digital-asset exchange, has begun full-scale efforts to recover from a hack, securing $6.34 billion in recovery funds about 14 hours after the attack.

On Oct. 30, Binance said on its official X account, formerly Twitter, that it had secured more than $6.34 billion in company funds to address the incident. Of that total, $5 billion is already held in the same tokens as the stolen digital assets.

The rest is being used to purchase those tokens through market trades and over-the-counter transactions, the exchange said. It added that some tokens have limited liquidity and that OTC settlement takes time, which could delay securing the assets.

Efforts to freeze and recover the stolen assets are also under way. Binance said about $3 billion of assets had been frozen with the cooperation of industry partners. The exchange said it is working with law enforcement agencies to recover the frozen assets and trace additional stolen funds. It added that the frozen assets are not included in the recovery funds it has secured.

Binance also said it will continue using company funds to compensate for verified losses and will publicly verify customer assets through proof of reserves.

The exchange is also coordinating with U.S. investigators. Reuters reported that Binance is working with the Federal Bureau of Investigation and the U.S. Secret Service in response to the hack.

Binance previously said it lost about $6.36 billion in digital assets in the attack on Oct. 29, the largest hack on record.

A hacking group linked to North Korea, known as TraderTraitor, has been identified as being behind the attack.