Binance Says It Is in Very Strong Financial Health After $6.3 Billion Hack

Speaking at Hong Kong Fintech Week, Teng said hourly inflows and outflows on the platform had "pretty much normalised" and that 95% of the affected tokens had been replenished, Reuters reported. He said the remaining 5% are less liquid assets, and that Binance is working with over-the-counter providers to restore them. "This is something that we can cover. We are able to do so," he said, adding that a post-mortem of the incident would be released in due course.

According to Reuters, Teng said the losses were covered by the exchange's Secure Asset Fund for Users, an emergency reserve, together with other company funds. "We take responsibility for it," he said. TNW quoted him as calling the incident "a painful lesson."

Customers withdrew a net $4.72 billion as of Monday, about 3% of the platform's assets, Teng said. Most of the withdrawals were in Tether's USDT stablecoin. Binance says it has more than 335 million users and average daily trading volume of $95 billion across digital assets and derivatives.

How the Theft Unfolded

Blockchain records show most of the theft took place over about 20 minutes, starting shortly after 2000 GMT on Thursday, Reuters reported. TNW, citing blockchain analytics firm TRM Labs, said the funds were moved out across 10 blockchains. Binance suspended withdrawals and then resumed them in phases on Sunday.

Binance's early findings pointed to a compromised engineer's laptop that gave an attacker access to a service container used to submit unauthorised withdrawals, according to Khaleej Times. The exchange later said it had found "additional points of breach." It has said customer funds are unaffected and that it set aside more than $6.34 billion of company funds for the incident, including $5 billion in the same tokens that were taken. About $3 billion of the stolen assets has been frozen. TNW put the frozen total at around $2.85 billion, held on-chain by Tether, Circle, Ripple, Arbitrum and Optimism.

The FBI said at the weekend that North Korea was responsible for the theft of more than $6 billion in crypto assets. TNW reported that the bureau attributed the attack to TraderTraitor, a North Korean state unit linked to the Lazarus Group, which was also behind the $1.5 billion Bybit hack in February 2025. North Korea has rejected the allegations as "absurd rhetoric." Binance itself has not publicly attributed the attack.

The Abu Dhabi Connection

The incident matters for the UAE because Binance's global platform now operates under Abu Dhabi oversight. In December 2025 the Financial Services Regulatory Authority of Abu Dhabi Global Market granted three licences to Binance entities, covering an exchange, a clearing and custody house and a broker-dealer, with regulated activities due to start on January 5, 2026. Abu Dhabi technology investor MGX invested $2 billion in Binance in March 2025.

On October 30, the FSRA said it was "aware of the matter" concerning a "security incident involving unauthorised withdrawals of assets" at Binance. Khaleej Times reported that the regulator said it was monitoring the situation and working closely with the exchange. The FSRA has not announced any further action.

For regulators and institutional investors in the Gulf, the hack is the first major test of how a global exchange supervised from ADGM handles a large loss. So far, net withdrawals have been modest relative to the platform's size, and Binance has covered the losses from its own balance sheet. The promised post-mortem should show how the breach happened and what controls failed.