Binance Replaces 90% of $6.3 Billion in Stolen Crypto, Plans to Resume Withdrawals Nov. 1
Binance replenishes 90% of stolen $6.3 billion in crypto
Binance says it has replaced 90% of the cryptocurrency stolen in a $6.3 billion hack on Thursday. The exchange plans to reopen customer withdrawals on Sunday, Nov. 1.
Binance is a large cryptocurrency exchange, a platform where people buy, sell, and store digital assets. The 90% figure is up from about 80% in the company's previous update.
Key recovery details
- 90% of the $6.3 billion in stolen crypto has been replenished
- Top tokens including bitcoin, ether, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are now fully backed
- The remaining 10% consists of less liquid tokens that may take longer to acquire
- Binance says it is absorbing all losses, and user balances remain intact
- Withdrawals are scheduled to resume Nov. 1
How Binance is covering the losses
Binance says it will absorb the full financial impact of the stolen funds, rather than passing losses to users.
The replacement assets are being funded through Binance's corporate treasury and a portion of its futures insurance fund. A partial deployment of the Secure Asset Fund for Users, or SAFU, is expected over the next 24 hours. SAFU is an emergency reserve fund Binance set up to protect its users.
The futures insurance fund normally covers losses from bankrupt trading positions and helps limit forced reductions in other traders' positions. Binance said it moved only the portion of the fund above its required size, and the remaining fund still meets its risk-management requirements.
Binance had already set aside more than $6.34 billion in company funds, including $5 billion held in the affected cryptocurrencies. Those resources are separate from roughly $3 billion in stolen assets that industry partners have frozen.
The exchange also committed to restoring SAFU to about $1 billion.
What we know about the breach
The hack happened on Thursday and drained wallets that Binance had listed as backing users' holdings, according to a CoinDesk review of earlier reserve disclosures.
The security investigation remains open. Binance Co-CEO Richard Teng said Friday that investigators found additional breach points beyond an initially suspected compromised employee laptop.
North Korea's TraderTraitor has been linked to the hack, CoinDesk reported.
Binance has posted an updated reserve snapshot, with cryptographic proof of reserves due Nov. 3.
Next steps
Binance plans to resume user withdrawals on Sunday, Nov. 1.
The exchange continues to buy the remaining 10% of less liquid tokens through public markets and over-the-counter trades, working with industry partners.
Cryptographic proof of reserves is expected by Nov. 3.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.