Binance says 90% of stolen assets replenished, targets Sunday withdrawals
Less-liquid tokens make up the remaining shortfall as Binance continues buying replacement assets through market and over-the-counter trades.
Binance claims to have replenished 90% of the $6.3 billion stolen in its recent hack, with the remaining balance made up of less liquid tokens. The exchange is replenishing assets through market and over-the-counter trades, using funds from its corporate treasury, Secure Asset Fund for Users (SAFU) and a portion of its futures insurance fund.
Binance's spokesperson stated that the exchange will absorb the financial impact of the stolen funds, not its users, and assured that the insurance fund would remain above required risk management levels. The hack, attributed to North Korea's TraderTraitor hacker group, is currently the largest cryptocurrency heist on record. Binance had previously set aside $6.34 billion to cover losses, with $5 billion earmarked for affected cryptocurrencies.
Industry partners like Tether and Circle also froze $3 billion in affected assets. However, CertiK has requested more information to verify Binance's claimed $5 billion in replacement cryptocurrencies. Binance has published a new reserves snapshot, but the full cryptographic proof is still being generated, taking approximately 40 to 50 hours due to computational workload.
The exchange has confirmed that customer balances in Bitcoin (BTC), Ether (ETH) and eight other assets are fully backed. The update assures that customer balances in Bitcoin (BTC), Ether (ETH) and eight other assets are fully backed, but does not specify the contribution of each funding source or disclose the minimum required balance of the insurance fund.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.