Binance Sets Aside $6.34 Billion to Cover Hack Losses as Industry Calls for Tighter Security

Binance says it has set aside more than $6.34 billion in company resources to restore customer balances after the largest theft in crypto history, estimated at $6.3 billion. Deposits remain open while withdrawals stay paused until security checks are finished. The exchange earlier said withdrawals could resume in roughly 45 to 48 hours. Rapid freezes of about $3 billion in stolen assets, combined with large cash and token reserves, are meant to reassure users that every loss will be made good.

Recovery Could Take Time

Getting the frozen assets back and covering any remaining gaps may not be quick, especially for smaller tokens trading in thin markets. The FUN token, which crashed 90% early Friday, is one example. Binance says it will keep publishing updates as recovery work continues.

Crypto Hacks in 2026 So Far

The string of attacks has started a wider debate about industry security. DefiLlama has recorded 322 confirmed incidents this year, with more than $8.7 billion in losses.

OKX Founder Star Xu’s Security Proposal

Star Xu called on exchange executives to come together as they did during the 2017 Bitcoin fork crisis and agree on stronger security standards and shared response systems. He suggested that transfers between verified exchanges settle instantly, while large withdrawals to unknown addresses or smart contract approvals face extra checks and short delays. The idea is to add friction when money moves to unrecognized addresses so hacks can be caught early. Xu wants those rules built into the cryptographic signing layer, so even an attacker who breaks into a wallet system cannot bypass them.

Real Time Alerts and Faster Asset Freezes

Xu also urged real time incident alerts, joint monitoring of suspicious funds, and faster, lawful freezes of stolen assets involving exchanges and stablecoin issuers. In his words, even a compromised wallet management system should not be able to skip these basic restrictions.