Binance Reports 90% Asset Replacement After $6.3B Hack

Binance said it had replaced 90% of assets affected by the estimated $6.3 billion hack, with token purchases continuing. The October 31 statement also outlined withdrawal and reserve-verification plans. The exchange said customers would not bear the losses. The update followed an October 30 commitment of more than $6.34 billion in company funds. At that stage, about $5 billion was already held in the affected cryptocurrencies. Binance had put coverage at approximately 80% before the October 31 update. The latest percentage involves the replacement of the assets being utilized to secure customer balances. It is distinct from the process of retrieving the stolen funds. Binance confirmed that it would continue buying tokens till they cover 100% for all affected assets.

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