En Cryptonomist2h ago

Binance Replaced 90% of Assets Stolen in $6.3B Crypto Hack

AI Market Summary

A $6.3B Binance hot-wallet breach, enabled via EIP-7702 approval abuse, is the largest exchange hack on record. Binance covered 90% of losses with corporate funds and earmarked roughly $6.34B, but paused withdrawals and unresolved illiquid tokens keep counterparty risk elevated. Expect defensive positioning, higher perceived exchange risk, and pressure on crypto liquidity until withdrawals resume and full restitution is confirmed.

Impact level

● High

Affected assets

BTC/USDT+0.38%

AI Insight · BTC/USDTAI Insight

▼ Bearish

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Binance said it used company funds to repurchase the stolen tokens. The exchange set aside about $6.34 billion internally to cover losses. The remaining 10% consists of less-liquid tokens.

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