Binance replaces 90 per cent of assets stolen in $6.3 billion hack
The cryptocurrency exchange has used its own funds to replenish most of the stolen assets and plans to resume withdrawals on Sunday.
Cryptocurrency exchange Binance has replaced 90 per cent of the assets stolen in a $6.3 billion cyberattack by using its own funds to purchase replacement tokens, according to Mint and Hindustan Times.
Co-CEO Richard Teng said on Saturday that the remaining 10 per cent consists of less liquid tokens which could take longer to acquire. Teng stated that users will not bear the financial impact of the incident and that hackers targeted corporate holdings rather than individual customer accounts.
The company has allocated approximately $6.34 billion from its corporate treasury, its Futures insurance fund, and its $1 billion Secure Asset Fund for Users (SAFU) to cover the losses. Binance noted that all holdings of BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are now 100 per cent backed.
The exchange, which temporarily suspended customer withdrawals following the breach, said it remains on track to resume withdrawals on Sunday, November 1. Binance also announced a new proof-of-reserves snapshot as of 0000 GMT on October 31.
Teng described the breach as a complex attack involving a compromised laptop and malicious software. While analysts have blamed North Korea for the attack, the US Secret Service is also working with Binance to identify and trace the stolen funds.