Binance Says 80% of Stolen Assets Replaced, Withdrawals to Resume in Stages
Binance co-CEOs He Yi and Richard Teng said about 80% of the roughly $6.3 billion in stolen assets has been replaced. The exchange has prepared more than $6.34 billion, including over $5 billion in matching tokens such as USDC, USDT, BTC, ETH and BNB. It is buying the remaining assets through public markets and over-the-counter channels, and says users will not bear the financial loss.
Binance expects to resume withdrawals by token in stages within about 34 hours, subject to security checks. Deposits and services not affected by the incident remain operational. The exchange plans to take its first proof-of-reserves snapshot within 12 hours and publish the results by November 2. About $3 billion in stolen funds remains frozen on-chain. Binance says its investigation has found no evidence that wallet private keys were exposed, but it has not identified all suspected intrusion points.
Bearish
The incident is bearish for Binance in the short term because the theft and temporary withdrawal restrictions can weaken user confidence, prompt customers to move assets, and increase volatility in BNB and exchange-related markets. Traders may also watch withdrawal availability, on-chain flows, and whether the promised staged reopening proceeds on schedule. A delay or new security disclosures could intensify selling pressure.
The stated funding to cover the losses, progress replacing about 80% of the assets, and plans to publish proof-of-reserves data may help limit contagion if withdrawals resume smoothly. Similar exchange security incidents have often triggered immediate outflows and a risk premium for the affected platform, while broader market effects have tended to depend on whether customer funds or wider market liquidity were threatened. Here, Binance says users will not bear the loss and reports no evidence of wallet private-key exposure, which may contain system-wide effects. Longer term, a verified investigation and stronger security controls could restore confidence, but this announcement alone does not remove operational and reputational risks.