Binance says it has replaced 90% of the stolen funds
Binance's CEO says 90 percent of the $6.3 billion stolen from users has been replaced, with withdrawals due to reopen on Sunday.
The facts
- According to The Verge, hackers stole $6.3 billion from Binance customers in what it calls a record-breaking crypto heist.
- Binance's CEO says 90 percent of the stolen funds have been replaced, and the company plans to cover the remaining 10 percent.
- The remaining 10 percent is made up of "less liquid" tokens, which Binance says may take longer to acquire.
- Withdrawals are still paused. Binance says they are on track to reopen on Sunday, 2026-11-01, and promised a further update once details are confirmed.
Case notes · Danny's take
Why it matters
A hack this size tests more than security. It tests whether an exchange can make its users whole. Binance is paying from its own resources, which is the right instinct, but you only see how strong the balance sheet really is when the withdrawals open. Remember too that "replaced" is the company's own claim, so it is only as good as the proof that follows.
For traders
Don't trade the headline. Watch what happens when withdrawals reopen on Sunday: the size and speed of outflows, and whether the exchange's published wallet balances match its promises. If you hold funds on any exchange, ask how much sits there and why.
For builders
Proof of reserves and clear incident reporting are now table stakes for any platform holding user funds. Tools that let users verify balances themselves, without trusting a post on X, fill a real gap.
Not financial advice. Do your own investigation.
This story was summarised with AI from The Verge's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.