Binance restores 90% of stolen crypto assets
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Binance said on Saturday that it has covered 90% of cryptocurrency assets affected by a massive cyberattack this week, and the company remains on track to resume withdrawals by Sunday within its previously stated timeline.
In a statement on X, the world’s largest crypto exchange said that the remaining 10% of the stolen assets consist of less liquid tokens, which means that the time it takes to replenish them will be longer.
Binance initiated the recoveries after disclosing on Friday that a security incident impacted about $6.3B of client assets, which it said will be fully covered using its own funds and its Secure Asset Fund for Users established in 2018.
Shares of crypto exchange Coinbase Global (COIN) and Bitcoin buyer Strategy (MSTR) fell after the announcement, and several crypto firms, including Circle Internet Group (CRCL), froze funds linked to the hack.
“We will continue to buy the remaining relevant token assets through market and OTC channels until the covered amount reaches 100% for all tokens," Binance said. "Binance will absorb the financial impact of these stolen funds, not our users.”
Fully recovered assets include Bitcoin USD (BTC-USD), Ethereum USD (ETH-USD), Tether USD (USDT-USD), Binance Coin USD (BNB-USD), Solana USD (SOL-USD), USDC (USDC-USD), Ripple USD (XRP-USD), and ZCash USD (ZEC-USD).
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