Binance Replenishes 90 Percent of Assets Following Security Incident

Binance has fully backed 10 major digital assets after replacing 90 percent of stolen funds, according to updates from the cryptocurrency exchange on October 31. Bitcoin News and The Defiant both reported that the exchange replenished the vast majority of missing assets following a security breach. The exchange targets a Sunday restart for asset withdrawals. [1][2]

Bitcoin News reported that 10 specific tokens, including Bitcoin, Ethereum, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD, and ZEC, are now fully backed 100 percent. The exchange is sourcing less liquid tokens to close the remaining shortfall. The Defiant also reported that Binance completed a 7,499 Bitcoin transfer from its Secure Asset Fund for Users and pledged to rebuild its emergency fund to approximately 1 billion dollars. [1][2]

Reports differed on the exact size and origin of the security exploit. Bitcoin Magazine and TRM Labs reported that the exploit resulted in 6.3 billion dollars stolen, with TRM Labs stating that North Korea carried out the attack. However, reports from The Coin Republic and CryptoRank placed the loss at 5.8 billion dollars. [6][8][9][11]

The security incident triggered broad volatility across the digital asset market on October 30. UToday Crypto News reported that prices for Bitcoin, Ethereum, XRP, and BNB experienced significant sharp reversals, with Binance Coin dropping near 696 dollars and 43 cents. TradingView reported that the market crash liquidated 1.5 billion dollars in derivatives bets across Bitcoin, Ethereum, Solana, and XRP. [3][10]