Binance covers 90 per cent of assets stolen in $6.3 billion hack
Cryptocurrency exchange Binance said on Saturday that it has been able to cover 90 per cent of the amount stolen after a record $6.3 billion hack of its platform. In a status update posted to its website, Binance said that the amounts to cover the stolen funds would come out of three sources: a partial deployment of the Secure Asset Fund for Users (SAFU), a portion of the Futures insurance fund…
Binance, the world's largest cryptocurrency exchange, recently reported that it has managed to cover 90% of the $6.3 billion stolen from its platform in a record-breaking hack. The exchange disclosed that the funds to cover the stolen assets would be sourced from three main channels: a portion of the Secure Asset Fund for Users (SAFU), a share of the Futures insurance fund, and Binance's own corporate treasury.
Interested users were encouraged to monitor the balance of the first two funds online. The remaining 10% of the theft consists of less liquid tokens, which may take longer to recover. Binance plans to resume withdrawal services for users on November 1, though the specifics have yet to be confirmed. The exchange revealed that the hack occurred in the early hours of October 30, with funds starting to leave Binance's hot wallets around 12:24am UAE time.
A single transaction reportedly involved 167,464 Ether, worth approximately $388 million, along with 63 other tokens, which were sent to a newly created address funded through the Tornado Cash mixing service, as per data from Etherscan. The news of the hack caused significant turbulence in the Bitcoin market, with its value plunging to around $76,450, as per data from CoinMarketCap.
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