Binance says it has replaced 95% of assets affected by $6.3bn hack

Binance said on 1 November that it had covered about 95% of the amount affected by the theft, up from 90% the previous day. It has promised to bear the financial loss rather than pass it on to users.

The company said it was buying replacement tokens using corporate funds and portions of its user protection and futures insurance funds. It had set aside more than $6.34 billion for the losses and said the remaining 5% consisted of less liquid tokens that would take longer to acquire.

Replacing assets is different from recovering the cryptocurrency stolen in the 29 October hack. Binance said on 30 October that about $3 billion of affected assets had been frozen, but frozen funds have not necessarily been returned.

The FBI has attributed the attack to North Korean hackers. North Korea has previously denied using state-linked cyber units for theft, while US President Donald Trump said on 31 October that it remained unclear who was responsible.

Binance began restoring withdrawals on 1 November, starting with selected assets across 15 networks. In the first nine and a half hours, it processed $4.65 billion in withdrawals and $1.01 billion in deposits, a net outflow of about $3.64 billion, the exchange said. It put that outflow at 2.1% of the $171 billion in assets under management recorded in its 28 October snapshot.

Access remained limited for many coins. As of 16:22 GMT on 1 November, Binance’s status page listed withdrawals as suspended for 531 of 552 coins, with 14 others partly restored, according to The Block. Binance said further assets and networks would be added once ready and warned of possible delays during the phased rollout.