Binance Replenishes 90% of Assets Stolen in $6.3 Billion Security Breach - Republic World
Cryptocurrency exchange Binance said on Saturday it has been able to cover 90% of the amount stolen after a record $6.3 billion hack of its platform.
The outstanding 10% consists of tokens that are less liquid, which means they may take longer to source in the required amounts, it said in a statement.
The exchange said it has set aside around $6.34 billion of company funds internally to cover the losses.
Binance said the replenishment involved a partial deployment of its $1 billion Secure Asset Fund for Users (SAFU), a bitcoin reserve it holds to protect customers in the event of security breaches.
The company's co-CEO, Richard Teng, said, opens new tab on Friday that the breach was a "complex attack" involving a compromised laptop and malicious software designed to delete evidence of its activity, making it harder to trace and investigate.
Binance also said it had taken a new snapshot of assets held on its platform as of 0000 GMT on October 31, as part of its proof-of-reserves process.
Users holding the 10 listed tokens - BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC - would be able to verify that their assets were backed at a minimum 1:1 ratio once the full proof was available, it said.
The exchange said it remained on track to resume withdrawal services on Sunday, November 1, within its previously stated timeframe.
