Binance Buys Back Most of the Hole

Binance says it has now replaced about 90% of the cryptocurrency lost in the $6.3 billion hack of its platform, using company resources rather than passing the loss to customers. That is the useful number. It also leaves a large qualifier: the last 10% is the awkward bit.

In a statement posted on X and reported by The Independent, the exchange said the remaining shortfall consists of less liquid tokens that may take longer to repurchase. Binance said around $6.34 billion of company funds has been set aside internally to cover the losses, and that the buying has been funded from a mix of its $1 billion Secure Asset Fund for Users, part of its futures insurance fund and its corporate treasury.

That matters for two reasons. First, Binance is trying to answer the oldest question after any run-threatening shock: is customer money actually there? Second, crypto exchanges do not get much credit merely for saying “trust us” after a security failure measured in billions.

The company also said it took a new snapshot of assets on the platform at 0000 GMT on October 31 as part of its proof-of-reserves process. Binance said users holding 10 listed tokens — including bitcoin, ether, tether and BNB — would be able to verify backing at a minimum 1:1 ratio once the full proof is available.

That helps, within limits. A reserve snapshot can show whether listed assets match customer balances at a point in time. It does not, by itself, erase the operational fact that the platform was hacked, nor does it settle how quickly all customers regain normal access.

The Independent reported that analysts blamed North Korea for the attack, while Binance co-chief executive Richard Teng described the breach as a “complex attack” involving a compromised laptop and malware designed to delete evidence. Attribution in cyber incidents is rarely a clean science in the first hours, and Binance’s own account is still an account from the victim, not an independent forensic report.

Markets had already delivered their first review. Crypto prices fell after the hack as Binance moved to reassure users that their funds were safe. Replacing 90% of the missing assets is a balance-sheet response to that trust problem. It is a serious one, and expensive. It is not the same thing as proving the security weakness is understood, fixed and unlikely to be tested again.