Binance sets aside $6.34 billion for the hack as its security comes under scrutiny

Binance announced that it has committed $6.34 billion to cover losses from an attack, with CEO Richard Teng assuring users that their assets are safe. Reports from Decrypt, Cointelegraph, The Block and CoinDesk on October 30, 2026 paint a picture of a massive mobilization of funds, but also of a serious breach that needs explaining.

We draw a distinction from the outset: an exchange's ability to cover a loss financially is one thing; the answer to how the attacker got past its checks is another. The first is critical for users. The second concerns trust in the infrastructure itself.

What Binance announced about covering the losses

According to Cointelegraph, the exchange said it has set aside more than $6.34 billion and will include the relevant assets in its next proof of reserves report. CoinDesk reports that Binance committed its own funds to cover the attack, which it values at $6.3 billion.

There's also the matter of freezing stolen assets. The Block reports that industry partners froze roughly another $3 billion in affected assets. CoinDesk also mentions a freeze of roughly $3 billion in stolen funds, as part of its description of the overall response.

We don't simply add these amounts together. The available reports don't present the relationship between the coverage funds and the frozen assets in the same way. Also, freezing stolen funds is not, on its own, the same as fully recovering them.

How the approvals were bypassed

The technical detail that stands out comes from Decrypt. According to Richard Teng, the attacker used a self-destruct mechanism and authorization delegation via EIP-7702, bypassing Binance's usual approval checks.

This information shows where management's explanation is focused, not the full technical sequence of the attack. It isn't enough to conclude exactly which step failed or what change would have prevented the breach.

Think of a vault: having money to pay compensation matters enormously, but it doesn't explain how the door was opened. For us, that's the second big open question in this case.

What it means for users in Greece

For users in Greece who hold assets on the platform, the announcements address two different questions: whether there are resources to cover the loss, and whether the weaknesses that were exploited have been fixed.

We note the following:

• The assurance that assets are safe comes from Binance's management.
• The announced commitment of funds is not, on its own, confirmation that every loss has been fully covered.
• The next reserves report is the specific disclosure the exchange has promised.

Our view

We see the announcement of a specific coverage amount, and the commitment to show the relevant assets in the next reserves report, as positive. We don't, however, think this closes the case.

Credibility will be judged both on how the financial coverage is documented and on a clear explanation of the breach. Until then, we separate what the company says from what the available evidence proves — without panic, but also without giving it a blank check.