Binance closes 90% of losses from US$6.3 billion hack
Withdrawals are scheduled to reopen on November 1, while the remaining 10% of losses are tied to lower-liquidity tokens.
Binance said it has covered 90 percent of user losses after a hack worth about US$6.3 billion. The crypto exchange has deployed more than US$6.34 billion in company funds to absorb the losses, while continuing to buy affected assets in the open market and through over-the-counter transactions to cover the remaining 10 percent. According to Binance, losses in Bitcoin, Ethereum, Tether, BNB, Solana, USD Coin, XRP, USD1, RLUSD, and Zcash have been fully covered. The remaining losses come from tokens outside the 10 main assets with lower liquidity. The company also aims to reopen withdrawal services on November 1 and has released an updated proof-of-reserves report using a zero-knowledge proof scheme to verify an asset ratio of at least 1:1.