Binance says 90% of $6.3 billion hack losses are now covered, plans to resume withdrawals Sunday
- 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.
341 Articles
341 Articles
From Sunday on, the world's largest gradually wants to pay back money. According to Binance, 95 per cent of the stolen sum is said to have been covered.
Binance says resuming withdrawals after major hack
Binance, which is the world's largest crypto exchange by daily trading volumes, had suspended user withdrawals after the attack. "First batch network now opened in phase one of withdrawals is $BTC bitcoin network," Binance said on X. The company said in an earlier update that it was preparing to resume the first phase of withdrawals between 0600 and 0900 GMT on Sunday. "We are taking a phased approach by prioritizing tokens based on the past w…
Binance, the largest cryptocurrency exchange platform in the world, announced this Sunday the progressive resumption of withdrawals of funds for part of its customers,...
Binance, the world's largest cryptocurrency exchange, resumed bitcoin payments on Sunday after replacing 95 percent of the $6.3 billion in crypto assets stolen from its platform with its own funds. The transfers are gradually restarting following the largest digital heist in world history, which the Federal Bureau of Investigation (FBI) has linked to North Korean hackers.
Coverage Details
Bias Distribution
- 41% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
