Binance says 90% of hacked funds covered as withdrawal restart nears

The replenishment is being funded through Binance's SAFU emergency reserve, Futures insurance fund and corporate treasury. Binance has raised the proportion of stolen funds covered following its recent hack to 90%, compared with approximately 80% in its previous update, as it continues using company resources to compensate for the incident. The exchange on Saturday confirmed that 10 major crypto assets and stablecoins, including BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC, are fully backed at 100%. Binance said Friday that it would allocate more than $6.3 billion in company funds toward covering the incident and is continuing to purchase the remaining affected assets through market and OTC channels. The team also stressed that the exchange, rather than its users, will absorb the financial impact of the stolen funds. Binance is using three sources to cover the stolen assets: its Secure Asset Fund for Users (SAFU), Futures insurance fund and corporate treasury. The exchange expects to deploy part of the SAFU within 24 hours and has committed to restoring the fund to around $1 billion. Established in 2018, SAFU serves as an emergency reserve to protect users in cases such...