Binance replenishes 90% of assets stolen in security incident

The exchange said it remained on track to resume withdrawal services on Sunday, November 1, within its previously stated timeframe.

Cryptocurrency exchange Binance said on Saturday it has covered 90% of the amount stolen after a record $6.3 billion hack of its platform.

The remaining 10% consists of less-liquid tokens, which 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.

Replenishment involved partial SAFU deployment, Binance says

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 2:00 a.m. Israel time 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.