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Binance replenishes 90% of assets stolen in security incident
Binance said it will absorb the loss and keep buying tokens until all customer assets are fully backed.
- 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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51 Articles
51 Articles
Binance says 90% of $6.3 billion hack losses are now covered, plans to resume withdrawals Sunday
Binance says it has restored backing for 90% of assets affected by its $6.3 billion hack and is planning to resume withdrawals, subject to security checks.
·Englewood Cliffs, United States
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berlingske.dk+3 Reposted by 3 other sources
In a short time, the crypto exchange was drained of billions. Now the exchange announces that it is replacing the loss.
·Copenhagen, Denmark
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In what is known as the largest theft in world history, cryptocurrencies worth $6.3 billion were stolen from various accounts.
·Helsinki, Finland
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Total News Sources51
Leaning Left3Leaning Right8Center10Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
14%
C 48%
R 38%
Factuality
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