ISTANBUL, Nov 1 — Cryptocurrency exchange Binance announced that it had covered 90 per cent of the losses from a cyberattack and was continuing purchases through market and over-the-counter (OTC) channels to cover the remaining amount, Anadolu Ajansi reported.
In a statement, Binance noted that it had allocated more than US$6.34 billion in company funds to compensate users affected by the attack.
Noting that approximately 80 per cent of the affected amount had previously been covered, the statement said: “The coverage rate has now reached 90 per cent.”
It said that losses involving Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, RLUSD and Zcash (ZEC) had been fully covered.
It added that the remaining 10 per cent consisted of lower-liquidity tokens other than these 10 assets.
Binance said it would continue purchasing the affected tokens through market and over-the-counter channels until the coverage rate reached 100 per cent for all tokens.
“Binance, not our users, will bear the financial burden of the stolen funds,” the statement said.
The company emphasised that its next priority was to resume users’ withdrawal services, adding that it remained on track to reopen withdrawals on Nov 1, in line with a previously announced schedule.
The statement also announced the publication of a new proof-of-reserves snapshot, enabling users to independently verify that their assets were backed at a minimum 1:1 ratio after a zero-knowledge proof was generated.
On Thursday, Binance said it was investigating reports of a potential security issue and assured users their funds were safe.
In a statement on Saturday, the company said the estimated scale of the security breach was US$6.3 billion, adding that about US$3 billion in assets had been frozen.
