According to CoinMeta, as reported by Cailian News on October 31, Binance announced an update on a security incident on October 30 local time, stating that its hot wallet was unauthorizedly accessed on October 29, resulting in the theft of approximately $6.3 billion in token assets. Binance stated that it will cover all losses through the user safety asset fund ( safu ) and company funds. To date, over $6.34 billion has been allocated, of which about $5 billion is for the affected token assets, covering approximately 80% of the losses. Another $3 billion in stolen assets have been frozen on the blockchain. Binance mentioned that the investigation is still ongoing, and no evidence of wallet private key leakage has been found yet. The initial investigation pointed to an intrusion on a laptop, but subsequent findings indicated other breach points. The platform's withdrawal service has been temporarily suspended, and the team's goal is to restore it in phases within about 34 hours.