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Binance says it has restored 90% of $6.3 billion stolen in hack

The exchange says it will cover the rest of the losses and expects withdrawals to resume on Sunday, 1 November.

By idly desk, from 3 reports

2 min read

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Image: The Verge

Key facts

Story
  • Binance says it has restored 90% of assets stolen in a $6.3 billion hack.
  • The company says it will cover the remaining 10% and absorb the financial losses.
  • Withdrawals remain paused for now and are expected to resume on Sunday, 1 November.

What's new

Binance says it has restored about 90% of the crypto assets taken in a recent security breach. The hack involved $6.3 billion, according to CNBC. The Times of India reports that the exchange will absorb the losses itself, so customers are not affected. Withdrawals are expected to restart on Sunday, 1 November, subject to security checks, CNBC reports.

Why it matters

For Binance users in India, the main question is whether their money is safe. The company's pledge to cover the losses is meant to protect customers from the financial hit. Users still cannot withdraw funds until the pause is lifted.

What others say

The Verge quotes Binance's chief executive saying the company will cover the remaining 10% as well. He said the uncovered portion is made up of "less liquid" tokens that may take longer to acquire. The Verge reports that the exchange described this in a post on X.

What we don't know yet

It is not clear how long it will take to replace the remaining 10% of the assets. Sources do not say whether withdrawals will resume on Sunday as planned. Details of who carried out the breach were not reported.

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Sources: Times of India, CNBC, The Verge

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