Binance recovers 90% of $6.3 billion stolen in record hack
Binance said on Saturday it has replaced 90% of the $6.3 billion stolen in a record hack of its platform, using company funds to buy new tokens. The remaining 10% consists of less liquid assets that may take longer to replenish. The world's largest crypto exchange said users will not bear the financial impact, with co-CEO Richard Teng confirming the commitment on X. Binance halted withdrawals after the hack, which analysts blamed on North Korea, but said it remains on track to reopen them on Sunday. The exchange set aside $6.34 billion internally, drawing from its $1 billion Secure Asset Fund for Users, its Futures insurance fund, and corporate treasury. It also took a new asset snapshot as part of its proof-of-reserves process for ten listed tokens.