Binance Says It Has Covered 95% of Assets Stolen in Hack, Warns of Temporary Delays After Withdrawals Resume
Summary
- Binance said it has secured 95% of the assets stolen in a major hack.
- It said the remaining 5% consists of low-liquidity tokens, which could take more time to purchase.
- Binance suspended withdrawals after the roughly $6.3 billion hack and said it will absorb the full financial loss rather than pass it on to users.
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Binance said it has covered 95% of the assets stolen in a major hack.
In an official statement released on Nov. 1, the global cryptocurrency exchange said it had secured about 95% of the affected assets. That is up 5 percentage points from 90% in its previous update.
The remaining 5% consists of tokens other than the 10 major cryptocurrencies that Binance previously said had been fully secured: Bitcoin (BTC), Ether (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, Ripple USD (RLUSD) and Zcash (ZEC). Binance said those tokens have relatively low market liquidity, so it may take more time to acquire the necessary amounts.
Binance also said temporary delays may occur during the restoration of withdrawal services. After withdrawals initially resume, some transactions may take longer to process or be briefly delayed if user requests surge.
Binance suspended withdrawals and began asset recovery and security checks after a hack worth about $6.3 billion on Oct. 29. The exchange has maintained that it will absorb the full financial loss from the attack rather than pass it on to users.
