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Binance says hack losses fully covered from company funds

Binance says customers affected by the $6.34 billion theft from October 29 have been fully repaid from company funds. Its reserve proof is still pending, as users cannot yet check the published snapshot on their own.

Illustration: Paper cutout of a gold coin sliding out of an open safe, layered in red and cobalt.
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Binance states that customers hit by the $6.34 billion theft on October 29 are now whole. The repayment was made from company resources rather than from customers' own balances.

The payments were drawn from three sources: SAFU, the futures insurance fund and the exchange's treasury. Together, these sources cover the full amount of the theft, the exchange says.

Binance has also published a proof-of-reserves snapshot listing 198 tokens. Proof-of-reserves is a check of the assets an exchange holds against what customers are owed. Users cannot yet verify the snapshot independently, so the reserve proof remains pending.

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