On Saturday, Binance announced that it has managed to cover up to 90% of the assets stolen in a significant hack, which was revealed on Thursday. The exchange stated that it will continue to acquire the remaining assets until it reaches full coverage. Binance confirmed that all major tokens, including BTC, ETH, USDT, BNB, and others, are fully backed.
The remaining 10% consists of less liquid tokens, which may take longer to source. To replenish the stolen assets, Binance is utilizing its Secure Asset Fund for Users (SAFU), its Futures insurance fund, and corporate treasury. The exchange emphasized its commitment to absorbing the financial impact of the theft rather than passing it on to users.
Binance plans to resume withdrawal services by Sunday, pending security checks, while it continues to investigate the breach. The attack, described as the largest crypto theft to date, is believed to involve a complex process rather than a simple security lapse.
TRM Labs has suggested that North Korean hackers may be behind the attack, citing similarities to previous incidents linked to the country. The situation remains fluid as Binance works to address the aftermath of the breach