Binance has recovered 90% of the $6.3 billion it lost in a hack, the exchange confirmed, and says it will keep buying the remaining tokens over the counter until the hole is fully closed. The company also said it plans to cover all losses from the incident.
The disclosure puts a number on one of the largest thefts in crypto history and signals that Binance is treating the shortfall as its own balance-sheet problem rather than leaving it to users.
What Binance has actually replaced
The 90% figure refers to the value of tokens taken in the hack. Binance didn't say which assets were involved or how it sourced the replacements. What it did say is that the remaining 10% will be bought on the open market through OTC desks, a method that lets large purchases happen without moving the public order book.
That choice matters for a shortfall this size. Dumping a multi-hundred-million-dollar buy order onto a spot exchange can push prices around; OTC deals are negotiated privately and settled away from visible liquidity. Binance hasn't given a timeline for finishing those purchases, only that it will continue until the balance is whole.
Why the company is absorbing the loss
Binance's plan to cover all losses means the exchange is standing behind the missing funds rather than passing them to customers. That's a costly decision, but it's also a defensive one: an exchange that leaves users holding a hack's losses tends to lose users. By announcing both the 90% figure and the intent to cover everything, Binance is trying to draw a line under the event.
The company hasn't explained how the hack happened, whether any of the stolen tokens have been frozen, or whether law enforcement is involved. It also hasn't said what the replacement purchases have cost relative to the original $6.3 billion, which is the number that will determine the final bill.
The OTC buying continues
Buying the last 10% over the counter is the concrete next step. At $6.3 billion in total losses, the remainder is roughly $630 million at the values Binance used — a sum large enough that the pace of purchases could be noticed by traders even if the deals themselves are private. Binance hasn't said which tokens it still needs or how it will report progress.
For now, the exchange's public position is simple: the hole is 90% filled, and the rest is being bought. Whether the market treats that as resolved or waits for the final 10% is the open question.
