Binance Says It Has Replaced 90% of Assets Stolen in $6.3 Billion Hack
publishers 14articles 19first reported 30 Oct, 11:29 UTCdeveloping since 30 Oct · 3 editions
Binance said Saturday it had replaced 90% of the roughly $6.3 billion in crypto assets stolen from its hot wallets and would absorb the full financial impact of the attack rather than pass losses to users.
The exchange said the remaining 10% comprises less-liquid tokens that may take longer to acquire. It is using its Secure Asset Fund for Users, part of its Futures insurance fund and its corporate treasury to replenish the assets through market and over-the-counter purchases. Binance had set aside about $6.34 billion in company funds, including $5 billion already held in affected token assets.
Binance said its 10 listed tokens — BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC — were fully backed. It took a new snapshot of platform assets as of 0000 GMT on Oct. 31 for a proof-of-reserves report intended to allow users to verify at least 1:1 backing. The company also said about $3 billion in stolen assets had been frozen with assistance from industry partners.
Withdrawals were suspended while Binance rebuilt and tested its infrastructure. The exchange said it remained on track to resume them Sunday, subject to security checks.
Co-CEO Richard Teng described the breach as a complex attack involving multiple points of compromise and tools designed to erase evidence. Blockchain investigators TRM Labs and Chainalysis have linked the theft to North Korea, but neither Binance nor the U.S. government has publicly confirmed responsibility.
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Written from 8 articles, 5 with the publisher's own text; 6 independent newsrooms once syndicated copies count as one; this version written 30 h after the record first saw the story; the editor kept it as written.
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- This version written
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