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Binance replenishes 90% of assets stolen in security incident

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Binance replenishes 90% of assets stolen in security incident

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 ​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.

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