Binance has suffered the largest cryptocurrency hack in history, involving $6.3 billion in various assets, but the exchange expects to resume cryptocurrency withdrawals within 45 hours.
Indeed, the exchange confirmed on X earlier on Friday, October 30, that it remained on schedule to restore withdrawal services within the stated timeframe.
“Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We are still on track towards the expected timeline to resume the withdrawal service in 45 hours. Deposits remain unaffected,” the exchange wrote.
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Binance has already secured funds to cover the losses
The company further said it’s working with both law enforcement and industry partners to investigate the incident and recover the stolen assets as soon as possible.
Over $6.34 billion in company funds has already been secured to “cover the incident,” according to the most recent update. $5 billion is already held in the exact token assets that were impacted, and the rest is to be acquired via market and OTC channel purchases.
“Binance has already reserved over $6.34B of company funds to cover this incident. $5B of these funds are already held in the exact token assets that were impacted. We are completing the purchase of the remaining amount by buying token assets through market channels and OTC channels,” the firm added.
North Korea-linked hackers suspected
Binance initially suspected that a compromised laptop may have been involved in the incident. However, an investigation later showed additional points of breach, meaning the attack could’ve been more complex.
For instance, blockchain intelligence firm TRM Labs attributed the attack to TraderTraitor, a North Korean hacking group, citing on-chain and off-chain intelligence.
The firm identified similarities with previous attacks linked to North Korea, including the $1.5 billion Bybit breach in February 2025 and the KelpDAO hack in April 2026.
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Crypto markets react to the Binance hack
The incident triggered a sell-off across cryptocurrency markets, affecting major assets, including Bitcoin (BTC) and XRP.
Shares of major crypto-related companies also came under pressure, with Strategy (NASDAQ: MSTR) and Robinhood (NASDAQ: HOOD) falling nearly 7% in pre-market.
For Binance, the immediate priority is now restoring withdrawals within its promised 45-hour window while demonstrating that customer assets remain secure.
Featured image via Shutterstock
