Binance says it has reserved company funds to cover the hack
BinanceCryptocurrency exchange
Binance says it has reserved more than $6.34 billion of company funds to cover the incident and is buying the remaining affected tokens.
“Binance has already reserved over $6.34B of company funds to cover this incident.”
Original post
Where this statement fits
Binance promises to cover hack losses; Molly White questions Zhao's role in early assurances
After an October 29, 2026 theft from Binance wallets, founder Changpeng Zhao posted at 21:15 UTC that he no longer managed the exchange but, as a shareholder, expected all user funds to be fully covered. About an hour later, quoting an estimate that the net loss was about $1 billion, he wrote that the loss "might be a bit higher than that, but will cover." Binance's first post on the incident, at 21:29 UTC, said user funds were completely safe. Co-CEO Yi He wrote at 00:04 UTC on October 30 that Binance would cover all hacking losses, and the company's account said Binance would cover all losses nine minutes later. Writer Molly White, publishing at 23:58 UTC on October 29, questioned why Zhao, whom she described as barred from any control over Binance, was the one promising coverage. Later on October 30, Binance said it had reserved more than $6.34 billion of company funds, $5 billion of it already in the affected tokens, and was buying the rest. Co-CEO Richard Teng said withdrawals would stay paused while the service was rebuilt and tested.
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Original post
About this source
Binance says it reserved company funds, is buying remaining token assets and will verify funds through proof of reserves. The statement describes commitments and progress claimed by Binance.
Before the quotation
Binance says it has begun recovering affected assets for users and that it already committed, in a prior announcement, to cover losses with company funds.
After the quotation
Binance says $5 billion of the reserve is already held in the affected tokens and that it is buying the rest through market and OTC channels. It says the figures do not include about $3 billion in frozen assets that remain subject to recovery and verification, and that user funds will be verified through its proof of reserves.
How this statement is classified
The label describes this statement's response within the context above.
Why this label?
Relative to the public assurances that users' losses would be covered, Binance stands behind the promise and describes the company funds it has set aside for it.
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More from this case
Read the full caseMolly White questions Zhao's authority to give coverage assurances
“Why a person who is barred from any control over Binance would be the one promising this is an exercise I will leave to the reader.”Read statement
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The Dispute Index. "Binance says it has reserved company funds to cover the hack". First published: 2026-10-30. Last updated: 2026-10-30. https://disputeindex.com/events/7269-binance-says-it-has-reserved-more-than-6