23 Daily — According to theverge.com, Binance, one of the world's largest cryptocurrency exchanges, suffered a hacker attack resulting in a massive theft of $6.3 billion in crypto assets. Binance's CEO announced that over 90% of the stolen funds have already been compensated, with the company planning to cover the remaining 10% themselves.
Binance commits to full compensation after record-breaking crypto heist
The scale of the hack broke industry records and caused significant losses to many users. Binance emphasized it has directly reimbursed over 90% of the stolen assets with its own funds. The remaining 10% consists of less liquid tokens which will take longer to recover. An official post on Twitter stated that although withdrawals remain paused, Binance expects to resume withdrawal services by Sunday, November 1, 2026.
Withdrawal resumption timeline and future plans
Resuming withdrawals is Binance's immediate milestone. The company pledges continuous transparent reporting and concrete actions to safeguard user assets. Despite the severity of the incident, Binance's swift fund compensation and willingness to shoulder remaining losses highlight its commitment to asset security on the platform.
Editor's take: This incident underscores risks and resilience in major crypto platforms
The $6.3 billion hack has shaken user confidence and exposed security vulnerabilities in crypto exchanges. Binance's rapid reimbursement of over 90% of losses and decision to absorb the rest demonstrate its financial strength and responsibility towards customers. For entrepreneurs, as the crypto industry grows, enhancing cybersecurity and liquidity management are critical to sustainable operation. To verify the effectiveness of Binance's response, one can monitor the stability post-withdrawal resumption and review subsequent security enhancements.