Binance Restores 90% of Assets Following $6.3 Billion Hot Wallet Hack
Binance has announced that it has successfully replenished approximately 90% of the $6.3 billion in token assets stolen during a record-breaking hack of its hot wallets. To cover these losses, the exchange is utilizing its Secure Asset Fund for Users (SAFU), portions of its Futures insurance fund, and corporate treasury reserves. Major assets including BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are already 100% backed. The remaining 10% consists of less liquid tokens outside the top 10, which Binance intends to acquire through market and over-the-counter channels. The exchange plans to resume user withdrawals this Sunday, pending final security checks. While investigations continue, TRM Labs has suggested that North Korean hackers may be responsible for the breach due to patterns matching previous high-profile heists.
Topics: asset recovery crypto theft exchange security SAFU fund