Binance is covering $6bn of the funds hit by the hack, Reuters reports

The figure is the first firm anchor after a run of rising estimates in recent days, and it sits just below the $6.3bn loss put on the heist.

Binance is covering $6bn of the amount affected by the hack, Reuters reports, which turns an open-ended pledge to make users whole into a number the exchange has to find.

The figure follows a quick climb in estimates. On-chain data first showed $2.77bn leaving Binance wallets across five blockchains. Tether froze $971mn in USDT on its own while Binance had yet to issue an update. Tether and Circle together then froze about $1.8bn, and Binance said $2.54bn was frozen, with more possible as it works with law enforcement. The loss was later put at $6.3bn once the FBI and Secret Service were brought in.

Set against that, $6bn is the largest piece of the picture and the one that matters most. The frozen funds are a fraction of it, so recovery can soften the blow but cannot replace the exchange's own capital.

The operational side is still moving. Binance halted all deposits and withdrawals, a suspension far wider than Binance Alpha, and co-founder Yi He said withdrawals would resume within 48 hours, the first end point given. But the FBI says it is aware of the hack and is working with partners to gauge its scope, and a federal investigation need not keep to the exchange's timetable. A gap remains between the $6bn covered and the full reach of the breach, so the final accounting is not settled even if the doors reopen on schedule.