Binance says 90% of $6.3 billion hack losses are now covered, plans to resume withdrawals Sunday
Binance says it has restored backing for 90% of assets affected by its $6.3 billion hack and is planning to resume withdrawals, subject to security checks.
TL;DR
- Binance has covered up to 90% of the $6.3 billion in assets stolen from its hot wallets.
- The FBI has determined that North Korea was responsible for the theft.
- Binance will fully cover the financial impact of the stolen funds, not its users.
- Withdrawal services are expected to resume by Sunday, subject to security checks.
- The exchange is using its Secure Asset Fund for Users (SAFU) and corporate treasury to replenish assets.
- The attack is the largest crypto theft on record, and the exact method is still unclear.