Binance says it has covered 90% of losses after $6.3 billion crypto hack
Binance says customer assets remain safe as new update says it uses SAFU reserves, insurance funds and corporate treasury after record cyberattack.
Binance, the world's largest cryptocurrency exchange, has reported that it has covered 90% of the losses resulting from a $6.3 billion cyberattack. The security breach involved the theft of over $6 billion through wallets linked to the breach. The exchange has moved closer to restoring normal operations and has replenished customer backing using its Secure Asset Fund for Users (SAFU), part of its Futures insurance fund, and its corporate treasury.
Binance has also released a Proof of Reserves (PoR) snapshot to reassure users that their assets remain backed at least 1:1. The exchange expects the full zero-knowledge proof to be generated by November 3, and users will be able to verify their assets at that time. Binance's co-CEO, Richard Teng, stated that hackers targeted the company's corporate holdings and not individual customer accounts.
US officials are investigating the breach, and President Donald Trump welcomed Binance's commitment to reimburse losses.
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