Binance replaces 90 per cent of assets stolen in $6.3 billion hack
The cryptocurrency exchange has pledged to cover all remaining losses using its own funds after a record cyberattack.
Cryptocurrency exchange Binance has replaced 90 per cent of the assets stolen during a $6.3 billion hack by using its own funds to buy replacement tokens, according to Mint on Saturday.
Co-CEO Richard Teng stated on X that the company is committed to covering the final 10 per cent of the stolen assets. Teng said users will not face any financial impact from the incident.
The remaining 10 per cent consists of less liquid tokens that may take more time to acquire, the company said in a statement on X.
Teng said on Friday that the breach was a complex attack involving a laptop that was compromised and software intended to delete evidence of the activity.
To cover the losses, Binance allocated approximately $6.34 billion from its corporate treasury, its Futures insurance fund, and part of its $1 billion Secure Asset Fund for Users (SAFU).
The exchange, which temporarily suspended customer withdrawals, said it remains on track to resume them on Sunday. Binance also took a new snapshot of assets on October 31 as part of its proof-of-reserves process.