Binance says 95% of hack losses covered – Can users withdraw normally?

Binance said it has covered $6B, or 95% of the $6.34B in lost funds, and resumed withdrawals on Sunday, the 1st of November. How did Binance cover the stolen funds? The coverage funds have come from three sources in a record 3 days since the hack on Thursday, the 29th of October. It took $581M (7,499 BTC) from the Secure Asset Fund for Users (SAFU), an emergency reserve fund. Binance promised to replenish the SAFU fund to $1B. Similarly, it pulled about $425M from the Futures Insurance Fund, designed to cover liquidation risks in its derivatives segment. Binance said it also used some cash from its corporate balance sheet for the coverage. But it didn’t specify if the remaining $4.7B shortfall came from the corporate balance sheet.

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