Binance Recovers 90% of $6.3B Hack Losses – Withdrawals Set to Resume

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure TLDR; Binance recovers 90% of the cryptocurrency stolen in its record-breaking $6.3 billion security breach, with the exchange targeting Sunday, November 1, to resume customer withdrawals. Binance has made further progress in recovering from one of the largest cryptocurrency thefts on record. The exchange also confirmed that customers holding ten major cryptocurrencies are now fully backed, as it continues working to replace the remaining stolen assets. The latest recovery figure represents an increase from the approximately 80% coverage reported in its previous update. According to Binance, the outstanding 10% consists primarily of less-liquid tokens that require additional time to acquire through market purchases and over-the-counter (OTC) transactions. Co-CEO Richard Teng reiterated that the exchange would absorb the financial impact of the incident rather than pass the losses on to customers. Binance Uses SAFU Reserves and Corporate Funds to Cover Losses To finance the recovery, Binance has allocated approximately $6.34 billion in company resources, drawing from three separate so...