Binance commits over $6.34 billion from company reserves to offset hack losses; withdrawals still halted

Binance reports that the sum earmarked for compensation exceeds $6.34 billion and comes from the company's own balance sheet. The exchange calls the incident the largest theft in the history of the crypto market. According to one report, $5 billion is already held in the affected tokens, and the remaining $1.34 billion is being bought on the open market and through over-the-counter deals.

Customer withdrawals are still paused as the recovery effort goes on, and one report puts the expected restoration time at roughly 45 hours. The parties mentioned in connection with the case include TRM Labs, the SAFU fund, law enforcement agencies, TraderTraitor and the Lazarus group. The sources do not give the exact timing or technical details of the breach.

A second, headline-only report says bitcoin and crypto-linked shares declined once the suspension became known. Its full text was unavailable, so the size of the drop cannot be verified.

Freezing withdrawals at a major venue tends to heighten counterparty worries and may push users to move funds elsewhere. A fully backed compensation plan works the other way: it lowers the chance that customers absorb losses and may restrain panic selling.