Binance replenishes 90% of $6.3B stolen in massive hack

• TechWatch PH

Cryptocurrency exchange Binance has replenished 90% of the digital assets stolen in a record $6.3 billion cyberattack, with the company assuring users that they will not bear the financial losses.

Binance co-CEO Richard Teng confirmed the development on October 31, saying the exchange has replaced most of the stolen cryptocurrency using company funds and emergency reserves.

"We've now replenished 90% of the stolen assets, and we're committed to covering the remaining 10%. Our users will not bear the financial impact of this incident," Teng wrote on X.

The development came after Binance reported that it had initially covered 80% of the stolen assets following one of the largest cryptocurrency thefts in history.

Binance said the replacement assets were purchased using its corporate treasury, part of its Secure Asset Fund for Users (SAFU), and its Futures Insurance Fund. The exchange has set aside more than $6.34 billion to cover the losses.

The remaining 10% involves less-liquid cryptocurrencies that may take longer to acquire. Binance said it would continue buying the affected tokens until all customer holdings are fully backed.

The October 29 attack has been linked to North Korea. On October 31, the US Federal Bureau of Investigation identified the North Korean state-sponsored hacking operation known as

TraderTraitor as responsible for stealing more than $6 billion in digital assets from Binance.

Binance said it has also published an updated Proof of Reserves snapshot showing that ten major cryptocurrencies, including Bitcoin, Ethereum, BNB and XRP, are fully backed.

The exchange temporarily suspended withdrawals following the breach but said it remains on track to resume withdrawal services in phases on November 1, subject to security checks.

\Importantly, the 90% replenishment represents the replacement of stolen assets using Binance funds, not the recovery of 90% of the cryptocurrency from the hackers.