Binance Sets Aside $6.34 B to Cover Hack Losses, CEO Confirms Customer Funds Safe

Binance CEO Richard Teng announced that the exchange has reserved more than $6.34 billion of company funds to reimburse all losses from a recent hack that targeted Binance’s hot wallet. Five billion dollars of that reserve is already held in the exact tokens stolen—USDC, USDT, BTC, ETH and BNB—while the remaining amount is being acquired through market and OTC channels. Teng said the attacker used a self‑destruct mechanism and an EIP‑7702 delegation to bypass Binance’s normal approval controls, and that the theft was carried out by a coordinated group rather than a single individual. Binance plans to restore withdrawals by Sunday, conduct a full security review of endpoints, cloud, key management and signing, and publish a full proof‑of‑reserves report by Monday. The attacker continues to move funds on Tron, with about 5.19 million TRX (≈$1.73 million) transferred to 12 addresses between 11:37 a.m. and 12:12 p.m. ET on Friday. The move underscores Binance’s ability to absorb a loss of this magnitude through its crypto‑based operating earnings and its commitment to protecting customer assets, which are held in cold wallets and only moved to hot wallets for withdrawals.