Binance’s $6.3 billion hack: What happens to users’ money?
Binance has pledged to cover all losses after a security breach affected an estimated $6.3 billion in assets, raising questions about access to funds and how much can be recovered. According to the exchange’s official statement, Qazinform News Agency reports.
Around $3 billion in affected assets had been frozen through cooperation with blockchain partners, Binance said. The company plans to cover losses using its Secure Asset Fund for Users, known as SAFU, and its own funds.
Can users access their funds?
In a subsequent service update, Binance said deposits were operating normally, while withdrawals remained paused as its team overhauled the withdrawal service and related addresses. The exchange said it expected withdrawals to resume within 48 hours, although that remained an estimate.
For customers, the distinction matters: Binance’s assurance that funds are safe does not mean they can immediately transfer those funds out of the platform. Access to withdrawals depends on the completion of security work.
How could an attacker get in?
The initial investigation pointed to a potentially compromised laptop belonging to a DevOps engineer. Binance said this may have allowed an attacker to access an internal service container and submit unauthorized withdrawal transactions.
The exchange said it had found no evidence of leaked wallet private keys. Its findings remain preliminary, with a detailed technical report promised once the investigation is complete and the facts have been verified.
Does $6.3 billion mean that amount is lost for good?
Not necessarily. Binance described the figure as the estimated total impact of the incident, rather than a final tally of unrecoverable losses.
The exchange said approximately $3 billion had been frozen on-chain. That figure could increase as investigators trace additional assets, according to its subsequent update. Frozen assets, however, should not be confused with funds already returned to users.
What should customers watch for next?
The next key updates will concern the restoration of withdrawals, further asset recovery and the investigation’s findings. Binance also said it would publish updated proof of reserves after completing remediation.
The company urged users to rely only on its official channels for updates. Its commitment to cover losses is clear; the final extent of the damage and the full explanation of how the breach occurred remain under investigation.
Earlier, Qazinform reported that hackers had stolen approximately $88.6 million worth of Bitcoin from thousands of addresses generated using vulnerable firmware on Coldcard hardware wallets.