Binance Details $6.3B Hot-Wallet Breach as Exchange Pledges to Cover Losses
Binance said its global hot-wallet infrastructure was compromised on October 29, with affected tokens valued at about $6.3 billion. The exchange reported that roughly $3 billion had been frozen on-chain through coordination with issuers and investigators, and earmarked more than $6.34 billion in company resources to cover losses. Frozen assets are not equivalent to recovered funds, and the reimbursement commitment has not been independently verified. Binance said investigators had found no evidence that wallet private keys were leaked, but the precise intrusion and failure remain unresolved. Withdrawals were suspended pending security checks; Binance planned a phased restart, an updated proof-of-reserves report and further technical findings.
