Binance says it can cover its record hack. Proof comes next.<\/p>\n
Binance confirmed Friday it suffered a $6.3 billion hack. The firm called it the largest crypto theft on record<\/a>. Blockchain firm TRM Labs said funds drained across 10 blockchains on Thursday. TRM Labs linked the attack to North Korean group TraderTraitor.<\/p>\n Binance said it set aside more than $6.34 billion in company funds. About $5 billion is already held in the exact tokens required. A spokesperson shared the detail with Cointelegraph. The $5 billion is held in the exact token assets that are required. These assets are in Binance custody. Binance did not say when it bought those assets. It declined to share wallet addresses for security reasons. It said the holdings will appear in its next proof of reserves report<\/a>. That report shows assets held to back customer balances.<\/p>\n About $3 billion in hit assets was frozen with help from partners. Those frozen funds sit apart from the company money set aside. Binance said it files weekly company fund reports to the FSRA. The FSRA oversees Abu Dhabi Global Market in the United Arab Emirates. The exchange said that reporting rule started before the hack. It has not named which tokens it still must buy. It has not shared timing for those buys. It has not said how much stolen crypto was recovered.<\/p>\n This is a security event first and a company event second. Users want to know one thing. Are balances backed. Matching tokens help answer that fast. Cash alone would still need buys. Tokens in hand skip that step. That can cut forced buying later. Forced buys can move prices fast. Holding the same assets avoids that loop.<\/p>\n Custody is the rail that matters here. Exchanges run on custody trust. Settlement only works if coins are there to send. Proof of reserves is how Binance plans to show it. Hidden wallets leave a gap for now. Weekly reports to the FSRA add oversight. But the public cannot read them. Frozen funds change the math too. About $3 billion frozen means less money on the move. That does not fix losses. It can limit damage.<\/p>\n The second order read is simple. Watch buying for the missing piece. If Binance still must buy a large gap, those orders can shape short term prices. If most cover is already held, focus shifts to proof and thawed funds. Either way, trust will hinge on what users can verify, not what they are told. Claims calm fear for a day. Proof calms fear for longer. That is why the next report matters more than the first headline. Until users see assets, doubt can linger. Once users see assets, talk can shift to payouts and safety fixes.<\/p>\n\t\tWhy It Matters<\/h2>\n