Binance suffered a cryptocurrency theft worth $6.4 billion from its internet-connected hot wallets in 30 minutes. Co-CEO Richard Teng said the exchange reserved $6.4 billion of its own funds to cover customer losses. Bitcoin fell 5% and Ether 5.7% within 24 hours of the October 29 incident. On November 2, Binance began resuming withdrawals in phases after the breach, whose estimated value was also reported at $6.3 billion, prompting a wave of withdrawals and warnings about escalating fraud attempts.
The platform reopened withdrawals in stages after security checks, saying coverage of affected assets had reached about 95% and it would absorb the losses without passing them on to users.
Read the full storyThe exchange said coverage had risen from 90% in its previous update, as it began restoring withdrawal services in stages after assets were stolen in an attack the FBI attributed to North Korea.