By Karim Hammam
Binance says it has replenished 90% of the $6.3 billion in cryptocurrency stolen in a recent hack of its platform, funding the repurchases with company money.
Recovery details
The world's largest crypto exchange lost more than $6 billion in the breach, which analysts blamed on North Korea. Co-CEO Richard Teng said on X on Saturday that the remaining 10% consists of less liquid tokens that may take longer to buy, adding that users will not bear the financial impact.
Teng described the attack on Friday as a "complex attack" involving a compromised laptop and malicious software designed to delete evidence. Binance halted withdrawals after the hack but said it was on track to reopen them on Sunday.
The exchange set aside $6.34 billion internally to cover losses, drawing from its $1 billion Secure Asset Fund for Users (SAFU), its futures insurance fund, and its corporate treasury. Binance also took a new snapshot of assets held on its platform as of 0000 GMT on October 31 for its proof-of-reserves process, covering 10 listed tokens including BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC.
