After Record Hack, Binance Announces Recovery of 90% of Stolen Funds

Cryptocurrency exchange platform "Binance" said today, Saturday, that it managed to recover 90% of the stolen amounts after its platform suffered a record-breaking hack valued at $6.3 billion.

It added in a statement that the remaining 10% consists of less liquid digital tokens, meaning that obtaining them in the required quantities may take longer.

The platform stated that it allocated approximately $6.34 billion of company funds to cover the losses.

Safe Asset Fund
It added that the compensation process included using part of the "User Safe Asset Fund," valued at $1 billion, which is a Bitcoin reserve held by the company to protect customers in the event of security breaches.

The company's co-CEO, Richard Teng, said yesterday, Friday, that the breach was a "sophisticated attack" involving the use of a compromised laptop and malware designed to delete evidence of its activity, making tracking and investigation operations more difficult.

Binance noted that users holding the 10 listed tokens—Bitcoin, Ether, Tether, Binance Coin, Solana, USD Coin, XRP, USDC, Ripple USD, and Zcash—will be able to verify that their assets are backed at a ratio of no less than one-to-one once the proof-of-reserves process is completed.

The platform said it remains on track to resume withdrawal services tomorrow, Sunday, November 1st, within the previously announced schedule.