Platform executives allocated roughly $6.34 billion across corporate coffers, the Futures insurance fund, and the Secure Asset Fund for Users to acquire replacement assets. While 90% of the funds have already been restored, the remaining 10% involves less liquid tokens that require additional time to procure. Binance halted withdrawals temporarily during the crisis but confirmed plans to reopen them on Sunday. Furthermore, an updated platform snapshot was taken on October 31 to demonstrate that ten major supported assets maintain at least 1:1 backing.
Key points
Customers will experience zero financial losses as Binance has pledged full reimbursement…: Customers will experience zero financial losses as Binance has pledged full reimbursement using internal funds for the remaining illiquid assets.
Analysts have linked the record multibillion-dollar cryptocurrency intrusion directly to…: Analysts have linked the record multibillion-dollar cryptocurrency intrusion directly to North Korean threat actors.
An upcoming proof-of-reserves report will allow users to verify 1:1 backing across ten pr…: An upcoming proof-of-reserves report will allow users to verify 1:1 backing across ten prominent digital currencies.
Sources checked by our analysis pipeline: 1
Cryptocurrency exchange Binance has replaced 90% of the assets stolen in a record $6.3 billion hack by using its own funds to purchase replacement tokens, the company said on Saturday.
The remaining 10% comprises less liquid tokens, which could take longer to acquire, Binance said in a statement posted on X.
"We've now replenished 90% of the stolen assets, and we're committed to covering the remaining 10%. Our users will not bear the financial impact of this incident," co-CEO Richard Teng said in a post on X on Saturday.
Binance assures users of fund safety after cyberattack
Cryptocurrency prices declined on Friday as Binance, the world's largest cryptocurrency exchange, sought to reassure customers that their funds remained safe following the theft of more than $6 billion worth of digital assets.
Analysts have blamed North Korea for the cyberattack.
Teng said on Friday that the breach was a "complex attack" involving a compromised laptop and malicious software designed to erase evidence of its activities, making the incident more difficult to trace and investigate.
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A massive cyberattack on Binance resulted in the theft of $6.3 billion in client assets, making it the largest heist in the industry's history. Investigators suspect North Korean state-backed hackers orchestrated the unprecedented breach. The incident has intensified global scrutiny on digital asset security and amplified demands for stronger regulatory oversight to safeguard investor funds.