Binance seeks to shore up confidence after record US$6.3 billion heist; Trump weighs in
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Trump → seek → heist
BOSTON/SINGAPORE/PARIS - Binance, the world’s biggest cryptocurrency exchange, worked on Oct 31 to shore up public confidence after a record US$6.3 billion hack of its platform, promising it would cover all losses from company funds and allow clients to trade again within days.
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clients → work → days
Cryptocurrency prices fell on news of the hack, which analysts blamed on North Korea and said could be the largest financial heist of all time.
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analysts → fall → time
The publicly traded stocks of crypto-related firms Coinbase, Strategy and Robinhood slid.
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stocks → trade → firms
Binance said customer funds were safe and it is working with industry partners to freeze some of the affected assets, with about US$3 billion located so far.
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billion → say → assets
It did not mention the status of the remaining US$3.3 billion, but Binance co-CEO Yi He said in a post on X that US$3 billion represented only about 2% of the company’s total user assets and public reserves.
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billion → mention → assets
The exchange also said on Oct 31 that its technical team was targeting a resumption of withdrawal services within approximately 34 hours.
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team → say → hours
Binance said it is conducting a full security review and plans an initial proof-of-reserves snapshot in 12 hours, with the results expected to be available by Nov 2.
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results → say → Nov
Binance said it has set aside around US$6.34 billion of company funds internally to cover the losses.
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it → say → losses
The company has a US$1 billion bitcoin reserve fund designed to protect customer assets in the event of security breaches, according to its website.
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company → have → website
Binance founder Changpeng Zhao said on X that the company owned SpaceX shares worth more than US$1 billion.
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company → say → shares
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”.
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us → say → activity
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.
“Rest assured that we are working nonstop to resolve this, to make the users whole, and live up to your trust,” Teng wrote.
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Teng → manipulate → trust
Crypto prices fell broadly but losses were contained.
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losses → fall → ?
Bitcoin hit a six-week low of US$76,368, and ether fell more than 3% to a two-month low of US$2,178 before markets stabilised.
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markets → hit → 2,178
Bitcoin last stood at US$76,447 and ether at US$2,226.
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Bitcoin → stand → 2,226
The incident adds to a string of crypto thefts.
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incident → add → thefts
Last year, attackers stole US$2.9 billion worth of cryptocurrency across nearly 150 attacks, according to researchers at TRM Labs.
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attackers → steal → Labs
“This incident is almost certainly the single-largest-known theft of any kind,” British blockchain analysts Elliptic said.
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Elliptic → know → kind
The bulk of the Binance heist unfolded in around 20 minutes beginning late on Oct 29 and bore similarities to previous large attacks blamed on North Korea, according to US blockchain analysis firms TRM Labs and Chainalysis.
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bulk → unfold → firms
TRM said the attackers were able to order Binance wallets to empty into hacker-controlled wallets, mirroring a 2025 heist at crypto exchange Bybit, which the FBI attributed to North Korea.
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FBI → say → Korea
North Korea has for years used state-linked cyber units for espionage, financial theft and revenue, according to US and South Korean authorities as well as cybersecurity experts.
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Korea → use → authorities
North Korea denies that.
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Korea → deny → that
Its mission in Geneva and embassy in China did not respond to requests for comment.
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mission → respond → comment
Trump weighs in
US President Donald Trump, asked on Oct 30 whether North Korean hackers were behind the theft, said he did not know but his administration is looking into it.
“It was a hack.
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It → weigh → it
That’s the problem.
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That → ’ → ?
You know the old-fashioned way when you used to sign a cheque, take it out.
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you → know → it
People never see the money anymore.
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People → see → money
So I’ve always felt it was a little bit dangerous,” Trump told reporters at the White House when asked if he thought any of the stolen funds could be retrieved.
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any → feel → funds
“But no, they (Binance) say they have it pretty much under control.”
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they → say → control
Binance is working with the FBI and the US Secret Service, according to a person familiar with the situation.
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Binance → work → situation
The FBI said it is “aware of the incident and is engaged with relevant public and private partners to understand the scope of the activity, evaluate potential impacts, and coordinate appropriate investigative steps”.
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it → say → steps
The Secret Service said that its investigators “are working around the clock with our private-sector partners, including Circle, to identify, freeze, trace and recover funds stolen from Binance on Thursday”.
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investigators → say → Thursday
Stablecoin issuer Tether said it froze nearly US$1.57 billion in assets linked to the incident, while Circle froze more than US$800 million.
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Circle → say → million
Abu Dhabi’s Financial Services Regulatory Authority, which issued Binance’s main operating licence, said it is “engaging closely with Binance and monitoring the incident”.
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it → issue → incident
Abu Dhabi-backed investment group MGX declined to comment.
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MGX → back → ?
It became a minority investor in Binance last year.
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It → become → Binance
Beyond the potential loss of assets, the security breach was likely to have wider ramifications for the crypto sector, which already was under pressure due to higher US interest rates and softer demand from exchange-traded fund buyers, analysts said.
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analysts → have → buyers
“It may further dampen risk appetite and prompt investors to reassess the safety of assets held on centralised exchanges,” said Tim Sun, senior researcher at HashKey Group.
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Sun → dampen → Group
Investor Michael Saylor, among bitcoin’s most prominent supporters, said in a post on X that he expects Binance to “deliver” on ensuring no customers suffered losses.
“Our industry will learn from this incident, strengthen security and emerge stronger and more resilient,” Saylor wrote on Oct 30.
335 million registered users
Binance, which allows users to buy, sell and trade digital assets, has 335 million registered users globally and had about US$162.8 billion in assets under custody as of its 2025 annual report.
The heist at Binance drew a relatively measured response from crypto enthusiasts online.
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heist → say → enthusiasts
…and 4 more, not listed.
The Aporia
