Binance Says 90% of Assets Replenished After $6.3B Hack
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As previously mentioned, Binance has replenished 90% of the assets stolen in its $6.3 billion hack, up from 80% a day earlier, and is on track to resume withdrawals on Sunday. The exchange 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 cover the losses.
Remember that Binance will bear the financial impact of the stolen funds, not the users. The insurance fund will remain above required risk management levels.
It's worth noting that the hack, attributed to North Korea’s TraderTraitor hacker group, is the largest cryptocurrency hack on record. Industry partners like Tether and Circle have frozen approximately $3 billion in affected assets, separate from Binance’s replacement of stolen tokens.
In light of the above, Binance continues to buy less liquid tokens through market and over-the-counter trades. The full cryptographic proof of the replacement cryptocurrencies is still being generated, taking approximately 40 to 50 hours due to computational workload.
In summary, customer balances in Bitcoin (BTC), Ether (ETH), and eight other assets are fully backed, while the remaining shortfall consists of less liquid tokens.
Binance Hackers
Cryptocurrency Exchange
North Korea
Scams & Cybercrime