Binance says it has replenished 95% of the assets affected by a major hack, raising its reported coverage from 90% on October 31. The exchange said the remaining 5% consists of less liquid tokens that take longer to acquire.
The figure describes Binance’s effort to cover the shortfall in assets backing customer balances, not a confirmed recovery of 95% of the cryptocurrency taken by the attackers. The company said it used its own resources, including its treasury, part of its SAFU fund and part of its futures insurance fund. Binance’s November 2 update said the ten leading assets it listed were fully backed.
Withdrawals are returning in phases
Binance temporarily suspended withdrawals after the incident and began restoring them in stages on November 1, following security checks. Deposits were not affected, according to the exchange. The phased approach means availability may differ by asset and network.
The hack, which Binance said occurred during the week before its October 31 announcement, involved the theft of more than $6 billion, according to estimates cited by the Associated Press. Binance has said its investigation is ongoing. Its updates on replenishment concern customer asset backing and do not establish how much of the stolen cryptocurrency has been recovered from the attackers.
For customers, the latest update means Binance says it has covered most of the affected balances, while acquisition of the remaining less liquid tokens is still underway. The exchange said users can verify the backing of specified assets through its proof-of-reserves process. Its withdrawal notice said services were being restored gradually.
Nicole French