Binance Rebuilds Reserves After Cryptocurrency Heist

Binance says it has restored 95% of the cryptocurrency tokens affected by last week's $6.3 billion theft, as the world's largest digital-asset exchange attempts to reassure customers following one of the biggest reported financial hacks.

Co-chief executive Richard Teng told Hong Kong Fintech Week on Tuesday that withdrawals and deposits had largely returned to normal. The exchange used its Secure Asset Fund for Users, an emergency reserve, alongside other company resources to cover losses. The remaining 5% involves less liquid tokens that Binance is working to replace through specialist dealers. Teng said a detailed review of the breach would follow.

Customers withdrew a net $4.72 billion after Binance reopened withdrawals on Sunday following a roughly 48-hour suspension, according to the company. That represented around 2.8% of assets held on the platform, a smaller proportion than some market observers feared. The FBI has attributed the attack to North Korea, which rejects the allegation. Blockchain records indicate that the theft unfolded in approximately 20 minutes, underscoring the speed at which digital assets can be moved.

The reported recovery of reserves does not resolve questions about how attackers gained access or whether safeguards were sufficient. Exchanges hold assets for millions of users, making their security practices critical to confidence in cryptocurrency markets. Investors may also demand closer scrutiny of security and internal controls. Binance's response will now be judged not only by replenished balances but also by the findings of its promised investigation and any changes that reduce the likelihood of another breach.