How Binance Is Racing to Cover Losses in the Biggest Heist in Crypto History

A facts-only brief, written by a local AI model from this article in The Wall Street Journal, October 30, 2026. It may contain mistakes, and it is not the article: the full story is at wsj.com.

Binance co-CEO Richard Teng stated on Friday that the exchange will cover the full $6.3 billion loss from a recent hack using its Secure Asset Fund for Users and other company reserves. The breach, which cybersecurity researchers attribute to North Korea’s TraderTraitor group, involved hackers accessing an engineer’s laptop to steal funds from digital wallets. Stablecoin issuers Tether and Circle froze approximately $3 billion of the stolen amount, leaving roughly $3.3 billion under hacker control. Binance blocked customer withdrawals during security checks, with plans to resume services within two days.

Background

• The Secure Asset Fund for Users held $1.23 billion in bitcoin as of Thursday, a figure that dropped by $100 million due to market fluctuations.
• A Binance spokesman indicated the company has reserved over $6.3 billion in funds, with $5 billion held in the same cryptocurrencies stolen and the remaining $1.3 billion being purchased through market channels.
• Blockchain analytics firm Nansen reported that Binance holds a total of $167 billion in crypto assets across its digital wallets, including user funds and company reserves.
• Binance founder Changpeng Zhao and co-CEO Yi He discussed funding strategies on social media, with He noting that annual revenue was sufficient to cover the losses without selling SpaceX shares.

Read the full article at wsj.com

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