Binance CEO says 90 percent of stolen assets have been ‘replenished’
News Source
•2026-10-31T14:40:32-04:00
📰 What Happened
Hackers stole about $6.3 billion in crypto from Binance customers. It is believed to be the largest crypto theft ever. The company's CEO now says 90 per cent of the missing funds have been replaced.
Binance is paying customers back from its own money. The last 10 per cent is held in coins that are harder to buy quickly, so it may take longer. Withdrawals are still paused, but the company says they should reopen on Sunday.
Binance posted the update on X and promised to cover the full amount stolen.
🔍 The Backstory
Binance is one of the biggest crypto exchanges in the world. Customers use it to buy and sell coins, and to store them. That makes it a huge target for hackers.
Crypto exchanges have been hit many times over the years. Mt. Gox collapsed in 2014 after losing hundreds of thousands of bitcoin. FTX failed in 2022 after customer money went missing.
A theft this size tests whether people trust exchanges with their savings. When withdrawals are frozen, users cannot get their money out.
🎯 Why It Matters
If you keep crypto on an exchange, a hack can lock up your money. Many people now move coins to their own wallets.
Hackers stole about $6.3 billion in crypto from Binance customers. It is believed to be the largest crypto theft ever. The company's CEO now says 90 per cent of the missing funds have been replaced.
Binance is paying customers back from its own money. The last 10 per cent is held in coins that are harder to buy quickly, so it may take longer. Withdrawals are still paused, but the company says they should reopen on Sunday.
Binance posted the update on X and promised to cover the full amount stolen.
Binance is one of the biggest crypto exchanges in the world. Customers use it to buy and sell coins, and to store them. That makes it a huge target for hackers.
Crypto exchanges have been hit many times over the years. Mt. Gox collapsed in 2014 after losing hundreds of thousands of bitcoin. FTX failed in 2022 after customer money went missing.
A theft this size tests whether people trust exchanges with their savings. When withdrawals are frozen, users cannot get their money out.
If you keep crypto on an exchange, a hack can lock up your money. Many people now move coins to their own wallets.