Binance replenishes 98% stolen assets after breach

Binance has replenished 98 percent of the token assets affected by its 29 October security incident and assured Philippine users that their funds and personal information remain safe, according to BlockShoals Technologies Inc.

In a statement dated 5 November, BlockShoals said it had reviewed Binance's initial findings and obtained direct confirmation from the cryptocurrency exchange on matters affecting the Philippine public.

Binance reportedly confirmed that all financial losses would be covered through its Secure Asset Fund for Users and company funds, with no impact on Philippine users' personal information.

According to Binance, it “will absorb the financial impact of the stolen funds, not its users, and has already set aside more than 100 percent of the funds required to cover the loss.”

BlockShoals said the replenished assets could be verified through Binance's Proof of Reserves page.

Binance also closed the entry points used in the attack, rebuilt affected systems, and revoked compromised credentials. Withdrawals have been resuming in phases since 1 November, while independent cybersecurity firms are being engaged to review the incident.

Based on Binance's findings, the security breach involved a sophisticated, multi-stage campaign that used fake recruitment interviews, malicious software, and compromised internal tools to gain access to its wallet systems.

BlockShoals said the incident highlighted the importance of strengthening security measures beyond technology, including internal controls and employee awareness.

The company also said it was coordinating with the Securities and Exchange Commission on possible implications of the incident for its Strategic Sandbox project.

BlockShoals urged the public to rely on Binance's official channels for updates and remain vigilant against scams, particularly individuals or groups offering assistance in recovering lost funds.

The company reaffirmed its commitment to supporting a secure, transparent, and well-regulated digital asset market in the Philippines.