Cryptocurrency exchange Binance has set aside more than $6.34 billion of its own funds to cover potential user losses following the largest cryptocurrency hack in history. The company has already begun recovering assets, while approximately $3 billion has been frozen with the help of its partners.
This was reported by Ukraine Top News, citing an official statement from Binance.
Binance said the exchange would fully cover users’ losses following a massive cyberattack that affected approximately $6.3 billion in assets. To this end, the company has reserved more than $6.34 billion of its own funds and has already begun returning assets to customers.
Of the reserved amount, $5 billion is already held in the same tokens affected by the incident. Binance is purchasing the remaining necessary assets on the market and through over-the-counter (OTC) transactions to fully cover any potential shortfall in each asset.
The company explained that this process may take time due to limited liquidity in certain tokens and the time required to settle OTC transactions.
Meanwhile, the $6.34 billion reserve does not include frozen or secured assets that are undergoing recovery and further verification. Through cooperation with partners, approximately $3 billion has already been frozen.
“Binance has already begun returning assets to users affected by the incident and continues to work with law enforcement agencies, issuers, blockchain analytics companies, and other industry participants to trace, freeze, and recover additional funds,” the company said.
According to Bloomberg, the attack is already being described as the largest cryptocurrency hack in history. Blockchain analytics firm TRM Labs said it linked the incident to the North Korean hacking group TraderTraitor with a high degree of confidence.
Following the attack, Binance temporarily suspended deposits and withdrawals. Stablecoin issuers also joined efforts to freeze assets. According to Bloomberg, Tether froze more than $1.5 billion, while Circle froze approximately $800 million.
Amid reports of the attack, Bitcoin fell by approximately 3% toward the end of the US trading session and another 3% during Asian trading, dropping below $77,000 — its lowest level since September.
Binance said it would continue using its own resources to cover any confirmed asset shortfalls. The company has pledged to publish new figures as they are verified and to publicly confirm the security of all user funds through its Proof of Reserves system.
Previously, the largest publicly known cryptocurrency hack was the February 2025 attack on the Bybit exchange, when hackers stole nearly $1.5 billion worth of tokens.
