Binance says it has replaced 90% of stolen crypto after massive $6.3 billion breach
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.
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.
The remaining 10% consists of less liquid tokens that Binance said may take longer to acquire in the required quantities. Binance is buying them through public markets and over-the-counter trades, working with industry partners.
Loss Absorption
Binance had already set aside more than $6.34 billion in company funds, including $5 billion held in the affected cryptocurrencies. Those resources were separate from roughly $3 billion in stolen assets that partners had frozen.
Binance will absorb the financial impact of these stolen funds, not our users.
The replenishment addresses a shortfall in assets backing customer balances. A CoinDesk review found that wallets drained in the attack were among those Binance listed as backing users' holdings.
Security Investigation
The security investigation remains open. Co-CEO Richard Teng said investigators had found additional breach points beyond an initially suspected compromised employee laptop.
U.S. President Donald Trump addressed the breach, saying 'we don't know' if North Korea was behind it, adding that the government is 'looking at that.' Blockchain analytics firms TRM Labs and Chainalysis have attributed the attack to TraderTraitor, a North Korea-linked hacking group.
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 full cryptographic proof is expected by Nov. 3.
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