Crypto firm Binance covers 90% of losses after $6.3bn hack
Binance has successfully covered 90% of the $6.3 billion stolen in a recent major cryptocurrency hack using its own corporate treasury. The exchange is working with law enforcement to recover the remaining funds and resume withdrawal services.
Why it matters
As the largest hack in history, this event tests the financial resilience of major crypto exchanges and raises concerns about security vulnerabilities in digital asset infrastructure.
Binance, the world's largest cryptocurrency exchange, says it has covered 90% of the $6.3bn (£4.7bn) assets stolen in a hack on Thursday.
The remaining 10% may take longer to source in the required amounts, the company added.
Binance has consistently pledged to cover 100% of the losses from what is suspected to be crypto's biggest hack on record and said it has set aside more than $6.34bn in company funds to do so.
"Binance will absorb the financial impact of these stolen funds, not our users," the company said in a statement on Saturday.
It said it had replenished the assets using various funds and its own corporate treasury.
All holdings of the cryptocurrencies bitcoin, ethereum and Tether are covered, along with seven other widely-traded crypto assets, the company said.
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