Statements

US President Donald Trump, asked on Friday whether North Korean hackers were behind the theft, said he did not know but his administration is looking into it.

"This incident is almost certainly the single-largest-known theft of any kind," British blockchain analysts Elliptic said.

The hackers were able to manipulate a system used to approve transactions to move money out of a Binance-controlled, internet-connected so-called "hot" wallet in a way that did not pass through normal approval controls, Teng said.

Binance's other co-CEO, Richard Teng, said in a post on X that the breach was a "complex attack" that was not carried out by one person and included a compromised laptop as well as malicious software designed to delete evidence of its activity as it went along, "making it more difficult for us to trace and investigate."

Binance said it has set aside around $6.34 billion of company funds internally to cover the losses.

The exchange also said on Friday afternoon US eastern time that its technical team was targeting a resumption of withdrawal services within approximately 34 hours.

Binance co-CEO Yi He said in a post on X that $3 billion represented only about 2% of the company's total user assets and public reserves.

Binance said customer funds were safe and it is working with industry partners to freeze some of the affected assets, with about $3 billion located so far.

Binance, the world's biggest cryptocurrency exchange, worked on Friday to shore up public confidence after a record $6.3 billion hack of its platform, promising it would cover all losses from company funds and allow clients to trade again within days.

In a video update on October 30, Binance co-CEO Richard Teng said he was hopeful that withdrawals would resume before Sunday, October 31.

It said Friday that it was beginning to recover assets for users.

co-CEO Richard Teng said the attacker "did not simply use one engineer's permissions, and this was not a single 'one-click' action."

Ripple is freezing holdings of its dollar-pegged RLUSD stablecoin linked to the Binance hack, according to Jack McDonald, the company’s senior vice president of stablecoins. McDonald said Ripple was “actively freezing affected funds” and coordinating with relevant parties to support the investigation. He did not disclose the amount frozen.

Binance said at 23:35 UTC that the verified total frozen had reached USD 2.54 billion.

Binance said the verified total of assets frozen in connection with the hack had reached $2.54 billion, clarifying differing figures circulating publicly, including references to $1.8 billion.

23:35 | Binance states that the verified frozen total is $2.54B.

Avalanche and Polygon were hit at 23:05, about half an hour after Binance had confirmed the incident and paused withdrawals.

23:05 | Second wave: Binance wallets on Avalanche and Polygon send funds.

A second wave around 23:05 UTC reached Binance wallets on Avalanche and Polygon.

You split it into thousands and then use hardware security modules with a risk management system so it doesn't let you transfer $5bn instantly. Unless it was an inside job maybe? I'd be really curious to know what their security architecture was.

Binance also warned customers to remain cautious of scams and avoid unofficial links, messages, or requests for account information.

However, it should be noted that Arkham's $5.78 billion figure is the value of assets held across all tracked wallets, rather than a confirmed amount stolen from Binance.

Cryptocurrency exchange Binance is investigating a potential security breach involving up to $5.8 billion in digital assets

World Liberty Financial has frozen $27 million in US-dollar-pegged stablecoin USD1 and $2 million worth of WLFI, according to Binance co-founder Yi He. “USD1 has taken proactive steps to freeze the $27 million in USD1 associated with the Binance hack,” said World Liberty Financial co-founder and CEO Zach Witkoff.

the Binance exploiter deposited 60 million USDT and borrowed 19,762 Wrapped Ether (WETH), worth about $44.6 million at the time.