Binance Taps $6.34B of Its Own Reserves to Cover Hack Losses

Binance is covering the damage from its own pocket. The exchange has set aside more than $6.34 billion from company reserves to make good on losses from the hack, according to an update shared by Coin Bureau.

That cushion is stacked in the right places. Roughly $5 billion of it — about 80% of the total amount affected by the hack — is held in the same tokens that were caught up in the breach, a list that includes USDC, USDT, BTC, ETH and BNB.

Day-to-day business, meanwhile, is holding up. Deposits and platform services are operating normally, per the update, so money can still move in even as the exit doors stay shut.

Withdrawals are the exception. They remain paused while Binance runs a security review, with restoration expected in roughly 34 hours — a clock users are almost certainly refreshing against.

Binance also plans to show its books. An initial Proof of Reserves snapshot is slated for about 12 hours from the update, with results expected by Monday, November 2.

Until that lands, the exchange is asking users to take the reserve pledge and the withdrawal timeline on trust — and the next 34 hours will decide how smoothly that goes.