Binance sets aside $6.34B to cover record hack

Binance sets aside $6.34 billion to cover the record $6.3 billion hack. Plus: Wall Street analysts see a buying opportunity, and experts debate the $3 billion in asset freezes. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Friday, October 30, 2026 Binance arranges $6.34 billion to cover losses from record crypto hack Binance says it has set aside more than $6.34 billion of its own money to restore customer balances after attackers drained an estimated $6.3 billion from its hot wallets late Thursday, the largest crypto theft ever. About $5 billion is already held in the exact tokens that were taken, and the rest is being bought on public markets and over the counter. Separately, Binance says partners have frozen about $3 billion of the stolen assets. Withdrawals remain paused pending security checks while deposits stay open. Binance first blamed a compromised engineer’s laptop, then said it found additional exploit points but still sees no evidence that wallet private keys were stolen. Chainalysis and TRM Labs have linked the attack to North Korean hackers with high confidence. Read more → Markets Wall Street analysts urge investors to buy crypto stocks after $6.3 billion Binance hack Analysts at Cantor Fitzgerald, TD Cowen and Compass Point say the Binance hack is a serious blow but unlikely to derail the broader crypto market, and that Friday’s selloff could be a buying opportunity. Coinbase and Strategy shares fell 12% and Robinhood about 9%; Cantor’s Ramsey El-Assal says he would be buyers on weakness. TD Cowen argues the hack exposed weaknesses at Binance, not in bitcoin’s technology, while Compass Point thinks Binance has enough liquidity to cover the hole but expects pressure on stablecoin supply and withdrawals from decentralized lending platforms. Rivals such as Coinbase, Bullish (CoinDesk’s parent company) and Hyperliquid could pick up business. For bitcoin, Compass Point is watching the $75,000–$77,000 range. 2-minute read → Finance Experts divided over Binance hack asset freezes, warn recovery is another matter Tether froze more than $1.56 billion in USDT and Circle about $823 million in USDC, with Ripple and World Liberty Financial also freezing assets, within hours of the Binance hack. Experts largely backed the move, but some ask why smaller victims rarely get the same help — Circle’s CEO said in April the firm freezes USDC only when directed by law enforcement or a court, and it faced criticism over the roughly $290 million Drift hack that month. Lawyers also stress that a freeze isn’t recovery: ownership still has to be established, and about $1.4 billion in stolen bitcoin, split across 19 wallets, can’t be frozen at the network level. 4-minute read → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.