Binance recovers 90% of funds stolen in major cyberattack

Binance has recovered approximately 90% of the cryptocurrency stolen in a major cyberattack, according to an announcement made Saturday, October 31. The company says it is on track to resume withdrawals by Sunday, November 1. The remaining 10% consists of tokens that may take longer to recover in required quantities due to lower liquidity. Binance stated it will absorb the financial impact of the stolen funds and not pass costs onto its users. The exchange is working to restore withdrawal services by Sunday. Customer assets are covered by the Secure Asset Fund for Users (SAFU), established in 2018 to protect user funds in extreme cases, including security breaches or platform-level incidents.