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

What happened

The exchange on Saturday confirmed that 10 major crypto assets and stablecoins (a digital token meant to hold a fixed value, usually one dollar), including BTC, ETH, USDT (Tether’s dollar-pegged token), BNB , SOL, USDC (Circle’s dollar-pegged token) , XRP , USD1 , RLUSD and ZEC, are fully backed at 100%. The replenishment is being funded through Binance's SAFU emergency reserve, Futures insurance fund and corporate treasury.

Binance is a cryptocurrency exchange and financial services company based in United Arab Emirates. 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. Add your holdings to find related stories in Pro. Create a free account 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 as security breaches. Binance has also allocated part of its Futures insurance fund to the recovery effort, saying the remaining balance is still above the minimum required under its risk-management rules. The fund covers losses from bankrupt futures positions and helps limit auto-deleveraging.