Binance replenishes 90% of assets stolen in security incident

Binance announced it has replenished 90% of the $6.3 billion stolen in a hack of its platform, using company funds to buy new tokens. Co-CEO Richard Teng said users will not bear the financial impact. The exchange halted withdrawals after the breach but plans to resume them on Sunday.

Binance, the world's largest cryptocurrency exchange, announced on Saturday that it has replenished 90% of the assets stolen in a record $6.3 billion hack of its platform. The exchange used company money to buy new tokens, with the remaining 10% consisting of less liquid tokens that may take longer to acquire. Co-CEO Richard Teng stated on X that users will not bear the financial impact. The breach, which analysts attributed to North Korea, involved a compromised laptop and malicious software designed to erase evidence. Binance halted withdrawals after the incident but confirmed it remains on track to resume them on Sunday. The funds for replenishment came from part of its $1 billion Secure Asset Fund for Users (SAFU), its Futures insurance fund, and corporate treasury. The exchange also took a new proof-of-reserves snapshot as of 2:00 a.m. Israel time on Saturday, allowing users holding ten listed tokens to verify 1:1 backing.