Binance covers 90 percent of hack losses and targets Sunday restart

Binance reported on Saturday that it has replenished 90 percent of the cryptocurrency stolen during a major security breach, according to Cointelegraph, CoinDesk, and the BBC. As FTMQ Crypto reported earlier, investigators linked the record $6.3 billion exploit to North Korea after hot-wallet signing infrastructure was breached. The exchange stated that it remains on track to resume user withdrawals on Sunday, CNBC and Reuters reported. [1][2][6][7][8][9][15]

To cover the missing funds, Binance is purchasing replacement tokens through spot market purchases and over-the-counter trades, Cointelegraph reported. A spokesperson for the exchange told Cointelegraph that Binance is utilizing its corporate treasury, a partial deployment of its Secure Asset Fund for Users (SAFU), and a portion of its futures insurance fund to absorb the financial impact so that users do not suffer losses. The less-liquid tokens account for the remaining asset shortfall, Cointelegraph added. [1][2]

The company published an updated reserves snapshot showing full backing for major digital tokens, according to reports from The Defiant and shattered.io. A complete cryptographic proof of reserves is expected to be published by November 3, The Defiant and shattered.io reported. [4][5][9]

Binance was founded in 2017 by Changpeng Zhao, who previously served as the chief technology officer at OKCoin. As FTMQ Crypto reported earlier, Binance chief executive officer Richard Teng noted that the attackers bypassed security checks during the breach, while Chainalysis observed automated wallet loops used to obfuscate stolen assets. [13][15]