Binance, the world’s largest cryptocurrency exchange, has pledged more than $6.3 billion from its own funds to cover losses stemming from Thursday’s record-breaking crypto theft, according to a statement posted on X on Friday, Oct. 30, 2026. The pledge puts the incident’s scale — measured by Binance’s own commitment — well beyond the roughly $1.5 billion taken in the February 2025 Bybit hack, previously the largest publicly disclosed theft from a cryptocurrency exchange.

The exchange said it has begun recovering affected assets for users and is working with law enforcement, asset issuers, blockchain intelligence firms and other industry partners to trace, freeze and recover additional funds.

The company has already publicly committed to cover losses through… pic.twitter.com/UqtBd37Fpj — Binance (@binance) October 30, 2026

https://x.com/binance/status/2116121748555153621?ref_src=twsrc%5Etfw

Binance said $5 billion of the required amount was already held in the affected tokens. It is acquiring the remaining assets through open-market and over-the-counter (OTC) purchases to ensure that compensation matches the specific types of tokens involved — rather than substituting other assets — and covers any shortfalls.

The exchange said the process could take longer for tokens with low liquidity and because OTC transactions require additional settlement time.

“Binance’s SAFU fund and Binance’s holdings include a large amount of assets such as BTC and ETH. We are currently buying, through OTC and on-exchange, all the stolen altcoins in fully matching amounts,” Yi He, co-founder and Co-CEO of Binance, stated.

The commitment extends well beyond the exchange’s dedicated emergency reserve. Binance launched its Secure Asset Fund for Users (SAFU) in July 2018 as an emergency reserve to compensate users in extreme situations, including security breaches affecting the platform, funded by allocating a portion of trading fees. As of February 2026, the exchange reported that SAFU held approximately $1 billion in crypto assets — a fraction of the amount now pledged, meaning Binance is committing broader company resources on top of the fund.

The company separately said that $3 billion in assets had been frozen through cooperation with industry partners. Those frozen assets are not included in the funds reserved for compensation. Such cross-party freezing efforts — involving exchanges, token issuers and blockchain intelligence firms — are widely used after major thefts to immobilize stolen assets before they can be moved to cash-out points.

Binance said it continues to work with law enforcement, issuers, blockchain intelligence firms and other industry participants to trace, freeze and recover additional assets. The exchange added that company resources will cover any confirmed shortfall and that all user funds will eventually be publicly verified through its Proof of Reserves. Markers to watch include the completion of the token purchase program, further recoveries or freezes, and the Proof of Reserves attestation that Binance says will publicly confirm the state of user funds.

Source: CryptoBriefing