Binance recovers 90 percent of funds stolen in cyberattack

Binance has recovered or secured 90 percent of assets stolen in a major cyberattack, providing $6.34 billion from its own funds to cover losses. Regular withdrawals are scheduled to resume Sunday. The attack involved hackers accessing IT systems via an employee's compromised laptop and using malware to cover tracks, with most funds transferred within 20 minutes. Binance partially used its $1 billion SAFU insurance fund, and co-CEO Richard Teng described it as a complex operation. To rebuild customer trust, Binance will publish proof of reserves for ten major cryptocurrencies, including Bitcoin and Ethereum. The platform serves 335 million users and held $162.8 billion in assets in 2025.