Binance Sets Aside More Than $6.34 Billion for Breach Losses

The exchange announced a company-funded reserve exceeding $6.34 billion on Friday following the Oct. 29 breach, and Teng said customers’ assets were unaffected. About $5 billion was already held in affected assets: Bitcoin (BTC), Ether (ETH), USD Coin (USDC), Tether (USDT) and BNB. Binance was buying the remainder through market and over-the-counter transactions, Teng said. “Your assets are safe,” Teng said in a video statement. He said the breach involved Binance’s own hot wallet and did not affect customer funds. Teng said attackers used an EIP-7702 delegation that bypassed Binance’s normal approval controls.