Binance says 90% of $6.3 billion hack losses are now covered, plans to resume withdrawals Sunday
Binance says it will cover customer losses and keep buying less liquid tokens until all stolen assets are fully replaced.
- On Saturday, cryptocurrency exchange Binance announced it has covered 90% of the roughly $6.3 billion in assets stolen during a record hack announced Thursday.
- Co-CEO Richard Teng described the breach on Friday as a "complex attack" involving malicious software; blockchain intelligence firm TRM Labs identified features matching North Korea-linked heists including Bybit and KelpDAO.
- Binance partially deployed its $1 billion Secure Asset Fund for Users to replenish holdings, while the outstanding 10% consists of less liquid tokens requiring longer sourcing.
- The exchange remains on track to resume withdrawal services for users on Sunday, November 1, while maintaining its commitment to cover the full financial impact of stolen funds.
- Users holding the 10 listed tokens—BTC, ETH, and SOL among them—will verify assets are backed at a minimum 1:1 ratio following Binance's snapshot completed on October 31.
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After the record hacker attack on Binance, the customers of the crypto exchange are very likely to get away with it. They can now also withdraw their deposits again.
The global platform announced on Sunday that it had opened "the first round of withdrawals" to its users, proceeding "in stages" after the largest theft of cryptocurrency ever recorded, for which the US federal police accused North Korean hackers.
Binance Says It Has Replaced 90% of $6,300,000,000 Stolen in Record Crypto Hack
Crypto exchange Binance says it has now covered 90% of the roughly $6.3 billion stolen from its hot wallets in what is believed to be the largest cryptocurrency hack ever. In its latest recovery update, Binance says it set aside more than $6.34 billion in company funds to cover the loss and that all user […]
Binance announced that some customers can resume withdrawals. The exchange is returning to normal operations following the largest hack in history, which resulted in the theft of approximately $6.3 billion in cryptocurrency.
According to the record hack over $6.3 billion, Binance has compensated 90 percent of its customers' losses. On Sunday, payouts should be possible again.
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