What Happened
Binance said Saturday it has covered up to 90% of the roughly $6.3 billion in token assets stolen from its hot wallets in the record crypto theft announced Thursday, according to CNBC. The world's largest cryptocurrency exchange said it will continue buying the remaining relevant token assets through market and over-the-counter channels until coverage reaches 100% for all tokens.
The exchange detailed that customer holdings of bitcoin, ether, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are now fully backed at 100%, according to CoinDesk. The outstanding 10% consists of less liquid tokens that Binance said may take longer to acquire in the required quantities. Bloomberg reported that Binance plans to restore withdrawals by Sunday, making progress on its pledge to fully reimburse customers.
"Binance will absorb the financial impact of these stolen funds, not our users," the exchange said in a statement reported by CNBC. Binance had already set aside more than $6.34 billion in company funds, including $5 billion held in the affected cryptocurrencies, according to CoinDesk. The exchange said it is working with industry partners to complete the purchases of remaining tokens through public markets and over-the-counter trades.
