90 pc of stolen assets now covered after security breach: Binance
In this news:
Key takeaways
- Binance has covered about 90 per cent of the losses from its recent security breach.
- Major digital assets like Bitcoin are currently backed on a one-to-one basis.
- The remaining 10 per cent involves less-liquid tokens being sourced through open markets.
Binance covers 90 per cent of breach losses
Cryptocurrency exchange Binance on Saturday said it has covered about 90 per cent of the losses stemming from a security breach that the company earlier estimated at around $6.3 billion, while reiterating that users will not bear any financial impact from the incident. In an update posted on social media platform X, the world's largest crypto exchange said it had previously set aside more than $6.34 billion in company funds to address losses linked to the breach and has now increased coverage from roughly 80 per cent to 90 per cent of the affected assets.
The company said major digital assets, including Bitcoin (BTC) are currently backed on a one-to-one basis. It added that it will continue acquiring the remaining affected assets through both open-market and over-the-counter transactions until losses are fully covered. According to the exchange, replenishment efforts have involved a partial deployment of its Secure Asset Fund for Users (SAFU), a portion of its futures insurance fund and contributions from its corporate treasury. Binance said the outstanding 10 per cent relates primarily to less-liquid tokens that may take longer to source in sufficient quantities.
Security incident context and asset freezing
The update comes a day after Binance disclosed a major security incident and temporarily suspended deposits and withdrawals while conducting security reviews. The company had said preliminary findings pointed to a compromised DevOps engineer's laptop that allegedly enabled attackers to gain access to a service container and initiate unauthorised withdrawal transactions.
Binance has maintained that user funds remain safe and that no evidence has been found of private key leakage. The exchange also said it has worked with blockchain partners and law enforcement agencies to trace and freeze affected assets, with about $3 billion frozen on-chain so far.
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