Binance: Stolen Assets Being Replaced, $5 Billion in Tokens Ready
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MissedBlock Desk · 3 min read
Binance Commences Asset Replenishment Following Major Hack, Allocates Over $6.34 Billion
Binance has begun replenishing user assets affected by a recent security incident, earmarking over $6.34 billion in company funds to cover the losses. More than $5 billion in corresponding tokens are already in place, with the remainder being acquired through market purchases and over-the-counter (OTC) deals.
Asset Replenishment Underway
Binance announced on the evening of October 30th, Taipei time, via its official X account, that it has started replenishing user assets impacted by the incident. The cryptocurrency exchange stated it will continue to collaborate with law enforcement, asset issuers, blockchain intelligence firms, and industry partners to track, freeze, and recover additional related funds.
The post reiterated an earlier commitment that the company would absorb the losses from the theft using its own funds. Binance further disclosed that it has prepared over $6.34 billion in company capital to cover the incident’s financial impact.
Funding Allocation and Acquisition Strategy
According to official statements, of the over $6.34 billion allocated, more than $5 billion in tokens corresponding to the affected assets are already secured. The remaining deficit is being addressed through purchases on the open market and via OTC channels, with the goal of fully matching the types and quantities of tokens to cover the asset shortfall.
Binance acknowledged that the replenishment process might be extended due to the low liquidity of some tokens and the time required for OTC settlements. The company stated it would provide further updates on its progress. A spokesperson for Binance also indicated via email to CoinDesk that the company is using its own capital to match user losses dollar-for-dollar with the same types of tokens, rather than utilizing customer assets.
Frozen Assets and Future Verification
The company emphasized that the aforementioned figures do not include assets that have already been frozen or protected. Approximately $3 billion has been frozen to date, and efforts are ongoing with partners and law enforcement to recover these funds. Binance affirmed that it will continue to deploy company resources to cover any confirmed remaining shortfalls. Ultimately, all user funds will be publicly verified through a Proof of Reserves (PoR) audit.
Withdrawal Status and Market Focus
According to earlier service updates, deposits remain operational. Withdrawals, however, are still suspended due to security checks and necessary address modifications, with an expected resumption within 45 to 48 hours. This replenishment announcement did not alter that timeline, shifting market focus to the potential for high-liquidity assets to be aligned first, and the timeline for replenishing less liquid altcoins.
For users, the availability of company funds and matching tokens provides an immediate liquidity buffer before withdrawal services are fully restored. However, if less liquid assets require extended OTC matching, the alignment of individual token balances may lag behind that of major cryptocurrencies.