Binance has pledged company funds to replace customers’ stolen assets in a $6.3 billion hack.
Binance’s pledge to absorb an estimated $6.3 billion theft leaves the exchange responsible for replacing customers’ assets while investigators pursue a recovery whose timing and outcome remain uncertain.
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Following the hack, Binance said its emergency reserve, known as the Secure Asset Fund for Users (SAFU), and corporate funds would cover all losses, CoinDesk reported Friday (Oct. 30). It also reported approximately $3 billion frozen on-chain through cooperation with partners. Freezing these assets prevents further movement but does not establish that they have been returned.
Binance allocated more than $6.34 billion, excluding frozen assets, with $5 billion already held in the affected tokens, the report said. That commitment places the immediate financial burden on the exchange rather than making customers wait for investigators to recover the proceeds.
Sandeep Pyapali, founder and CEO of stablecoin infrastructure company Mesta, described to PYMNTS the conditions for fulfilling that promise.
“User balances are only truly safe if the exchange replaces the missing assets quickly, reopens withdrawals in an orderly way and proves its reserves again,” Pyapali said.
Recovery follows different routes depending on what was stolen. 57 billion and Circle froze more than $800 million associated with the Binance hack , PYMNTS reported Friday. Issuer-controlled stablecoins retain an avenue for intervention after funds leave an exchange.
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