Binance says it has replenished 90% of assets lost in $6.3B incident

Binance said on Oct. 31 that it had replenished 90% of the assets tied to its $6.3 billion security incident, two days after the exchange’s hot wallets were compromised. In its recovery update, Binance said it would cover the financial impact and that users would not bear the loss.

The exchange’s Oct. 30 update said the incident involved unauthorized withdrawals and estimated losses of about $6.3 billion. The Associated Press report said Binance’s initial investigation pointed to a potentially compromised DevOps engineer’s laptop, but the exchange later said it had found additional points of breach.

How much of the stolen assets has Binance replaced?

Binance said 90% of the affected assets were now covered, up from about 80% in its previous update. It said BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC were fully backed, while the remaining 10% consists of less liquid tokens that may take longer to buy.

The exchange said it is using part of its Secure Asset Fund for Users, a portion of its futures insurance fund and its corporate treasury to replenish the assets. Binance said it plans to restore the SAFU fund to about $1 billion.

What can customers check in the new reserves snapshot?

Binance said it took a new Proof of Reserves snapshot at 00:00 UTC on Oct. 31 and posted it to its website. The exchange said the full zero-knowledge proof, which lets users verify their assets, could take 40 to 50 hours to generate and was expected by Nov. 3.

When will withdrawals resume?

Binance said withdrawals remained its next milestone and that it was on track to reopen them on Nov. 1, subject to security checks. The full technical account of the breach and whether the withdrawal timetable holds remain unconfirmed.

Source material

• recovery update — binance.bh
• Associated Press report — apnews.com