AI · CoinDesk
Binance confirms it has replaced 90% of stolen crypto after large $6.3 billion breach
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Binance says it has replenished 90% of the cryptocurrency stolen in Thursday’s $6.3 billion hack and remains on track to reopen withdrawals Sunday, Nov. 1.
Key facts
- Binance says it has replenished 90% of the cryptocurrency stolen in Thursday’s $6.3 billion hack and remains on track to reopen withdrawals Sunday, Nov. 1
- Binance had already set aside more than $6.34 billion in company funds, including $5 billion held in the affected cryptocurrencies
- Binance also published a new proof-of-reserves snapshot showing coverage ratios at 100% or more for the named tokens, taken at midnight UTC on Oct. 31
- The exchange also committed to restoring SAFU, its emergency user-protection reserve, to about $1 billion
Summary
Binance replenished 90% of the $6.3B stolen crypto, fully backed top tokens, and plans to resume withdrawals on Sunday, Nov. 1. Binance is absorbing all losses through corporate funds, futures reserves, and SAFU, keeping user balances intact. North Korea's TraderTraitor is linked to the hack; Binance posted a 100% more reserve snapshot, with cryptographic proof due Nov. 3. The figure is up from about 80% in its previous update, and the exchange detailed that customer holdings of bitcoin, ether, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are now fully backed.