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An independent record of the October 2026 Binance hack
This line is our short summary of the quote below. The quote is the evidence.
Blockchain analytics company Nansen told Cointelegraph that it could not verify what funds Binance had available beyond its roughly $1.16 billion emergency fund or where the money to cover the remaining losses would come from.
Gu said the estimated gap represented about 1.3% of Binance’s reported $165 billion in exchange reserves.
$165 billion in exchange reserves. Those reserves include assets backing customer balances.
“The $5 billion is held in the exact token assets that are required. These assets are in Binance custody,” a Binance spokesperson told Cointelegraph.
he said Gulf, Binance’s partner in Thailand, had offered financial support.
that the exchange’s revenue for the year was sufficient to cover the hack losses and that the company did not need to sell its stake in SpaceX.