Binance Plugs 90% Of $6.3 Billion Hack Hole With Its Own Cash, Says Withdrawals Reopen Sunday
Binance says it has replaced 90% of the roughly $6.3 billion stolen from its hot wallets on Thursday, and that withdrawals, suspended since the attack, remain on track to reopen Sunday.
Binance says 90% of hack impact now covered
"Binance will absorb the financial impact of these stolen funds, not our users," the exchange said in its third recovery update on Saturday, adding that all BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC balances are now "fully backed 100%." The remaining 10% sits in smaller tokens that Binance says are "less liquid" and will take longer to buy through the market and OTC desks.The money is coming out of Binance's own pockets: a partial draw on its Secure Asset Fund for Users (SAFU), a slice of its futures insurance fund and its corporate treasury. On Friday the exchange said it had set aside more than $6.34 billion in company funds, $5 billion of it held in the exact tokens that were taken. Binance says it will refill SAFU to about $1 billion, ...
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