On Oct 29 attackers drained one of Binance's hot wallets in about $6.3B of unauthorized withdrawals, described by Binance as the largest crypto hack on record.

On Oct 29 attackers drained one of Binance's hot wallets in about $6.3B of unauthorized withdrawals, described by Binance as the largest crypto hack on record.

Co-CEO Richard Teng said in a video transcript: "WE ARE COMMITTED TO COVERING ALL HACKED LOSSES THROUGH OUR COMPANY FUNDS. Your assets are safe." Only Binance's own hot wallet was hit, he said, customer funds were never used and the vast majority sit in cold wallets.

Binance says it reserved over $6.34B in company funds, with $5B already held in the exact impacted tokens including USDT, USDC, BTC, ETH and BNB, and is buying the rest via market and OTC. About $3B is frozen with issuers and partners, per Binance.

Teng said withdrawals resume once security checks on the rebuilt withdrawal infrastructure are done, on track within about 40 hours and hoped before Sunday, with an initial Proof of Reserves targeted for Monday.