Binance says it has replaced 90% of $6.3 billion stolen in record crypto hack - Yahoo! Finance Canada

The world's largest cryptocurrency exchange reiterated on Saturday that it would absorb the entire financial impact of the theft, pledging that users would not suffer losses. News of the breach triggered broad selling across cryptocurrency markets on Friday, with Bitcoin hitting a six-week low of $76,469.82 and trading around 3% lower.

Replenishing Assets

In a social media update, Binance said it had been replenishing affected assets, including Bitcoin, Zcash and stablecoins USDT and USDC. The replacement funds have come from a combination of the company's treasury, emergency reserves and insurance funds.

Binance will absorb the financial impact of the stolen funds, not users.

Market Impact

Ether also fell more than 3%, while other major cryptocurrencies came under pressure following the breach. The latest update marks progress from the exchange's previous disclosure that it had covered approximately 80% of the stolen assets.

Binance said the remaining tokens were less liquid, making them more difficult to source and replace. The exchange also said it was working to restore withdrawals by Sunday, having suspended the service as part of its response to the incident.

Industry Concerns

The incident has sent shockwaves through the cryptocurrency industry. At $6.3 billion, the theft is being described by experts as the largest hack in cryptocurrency history and one of the biggest cyber incidents more broadly.

The scale of the breach comes as digital asset firms seek wider mainstream adoption, putting renewed attention on the security of crypto platforms and the protection of customer funds.