Binance said on Saturday it has covered 90% of the roughly $6.3 billion in token assets stolen from its hot wallets, and remains on track to resume withdrawals on Sunday, November 1.
The remaining 10% consists of tokens outside its top 10 that are less liquid and may take longer to source in the required amounts, the cryptocurrency exchange said in a statement.
Binance said it will keep buying the remaining tokens through market and over-the-counter channels until coverage reaches 100% for all of them.
“All BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are fully backed 100%,” the exchange said. “Binance will absorb the financial impact of these stolen funds, not our users.”
The exchange said it drew on its Secure Asset Fund for Users (SAFU), part of its futures insurance fund and its corporate treasury to replenish the assets. It has set aside about $6.34 billion of company funds to cover the losses, Khaleej Times reported.
Binance said it took a new snapshot of assets on its platform as of 0000 GMT on October 31 as part of its proof-of-reserves process. Users holding the 10 listed tokens will be able to verify that their assets are backed at least 1:1 once the full proof is published, it said.
The resumption of withdrawals is subject to security checks and final confirmation, the exchange said.
Co-Chief Executive Richard Teng said on Friday the breach was a complex attack involving a compromised laptop and malicious software designed to delete evidence of its activity.
Blockchain intelligence firm TRM Labs said several features of the attack matched earlier heists linked to North Korea, CNBC reported.
Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) said on Friday it was engaging closely with Binance and monitoring the incident.
