Binance replaces 90 per cent of assets stolen in $6.3 billion hack
The cryptocurrency exchange will use its own funds to cover losses and plans to resume customer withdrawals on Sunday.
Binance has replaced 90 per cent of the cryptocurrency assets stolen during a security breach on October 29, according to reports by the Times of India and Mint. The exchange, which lost approximately $6.3 billion in the attack, stated on Saturday that it will cover the remaining 10 per cent of the stolen funds itself.
Co-CEO Richard Teng said on X that users would not face the financial consequences of the incident. The company is using its corporate treasury, a portion of its futures insurance fund, and part of its $1 billion Secure Asset Fund for Users (SAFU) to purchase replacement tokens through market transactions and over-the-counter channels.
The exchange confirmed that 10 major cryptocurrencies, including Bitcoin, Ethereum, Tether, BNB, Solana, USD Coin, XRP, USD1, Ripple USD, and Zcash, are now fully backed. Binance also took a fresh Proof of Reserves snapshot at 00:00 UTC on October 31 to allow users to verify asset coverage.
Binance remains on track to resume customer withdrawals on Sunday, November 1. The breach, which Teng described as a complex attack involving a compromised laptop, has been linked by analysts to North Korean state-backed hackers, though Binance has not independently confirmed the identity of the attackers.