Binance Confirms It Has Replenished 90% of the Losses From the $6.3B Hack
Highlights
- Binance has covered 90% of the losses from the $6.3 billion hack.
- Top assets such as BTC, ETH, XRP, BNB, and ZEC are fully backed.
- The exchange plans to cover all the losses and will keep buying the remaining tokens over the counter.
Top crypto exchange Binance has provided an update on the hack, saying it has now covered 90% of the losses from the incident. The exchange plans to cover all losses and will keep buying the remaining tokens over the counter (OTC) to completely fill the hole left by the hack.
Binance Says It Has Covered 90% of Losses From Hack
In an X post, the crypto exchange said that it has covered 90% of the impacted amount from the hack. This comes afte it initially set aside more than $6.34 billion in company funds to cover losses from the security incident earlier this week.
Binance specifically noted that assets such as BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are now 100% backed. “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 will absorb the financial impact of these stolen funds, not our users,” the exchange assured.
Following the investigation into the $6.3 billion hack, the exchange had already said it would cover losses from its Secure Asset Fund for Users (SAFU) funds and the company’s funds. In the latest update, the company again said it replenished these losses through a partial deployment of the SAFU funds.
Notably, the exchange transferred 7,499 BTC from the SAFU funds. Meanwhile, it also used part of the Futures insurance fund to replenish the stolen assets, noting that this particular fund is a regulatory requirement. The remaining replenished funds came from the exchange’s own corporate treasury.
Plans For The Remaining 10%
The top crypto exchange said that it will continue to purchase the remaining affected stolen assets through market and OTC channels. Binance noted that the remaining 10% of the stolen assets consist of tokens that are not among the top 10 that it already mentioned.
“These assets are less liquid, which means they may take longer to source in the required amounts. We are working with industry partners to complete the remaining acquisitions and will provide further updates as progress continues,” the exchange explained.
The exchange’s next focus is to resume withdrawal services for users, noting that they are still on track to resume withdrawals by November 1.
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