Binance Scrambles to Contain Record $6.3 Billion Crypto Heist

Binance has publicly committed to covering all user losses, pledging over $6.34 billion of its own capital to restore account balances. The company holds $5 billion of that reserve in the identical tokens impacted by the attack, alongside a $1.3 billion emergency fund. Deposits and withdrawals remain suspended while the platform works with law enforcement to track the stolen assets.

Co-CEO Richard Teng confirmed that the incident was not a simple "one-click" exploit. Investigators discovered that attackers bypassed multiple security layers beyond the DevOps engineer’s workstation, utilizing a sophisticated process to authorize unauthorized transactions. The exchange has since revoked the compromised address's permissions and continues to analyze the breach points to prevent further exploitation.