▲ Binance
Cryptocurrency exchange Binance, which lost 6.3 billion dollars (approx. 8.4 trillion won) in the largest hacking incident in history, has replenished 90% of the assets using internal funds and other sources.
Binance announced through a notice posted on its website yesterday (the 31st) that the proportion of loss compensation has currently reached 90%.
Reserves have been 100% secured for the top 10 major cryptocurrency assets by trading volume, including Bitcoin, Ethereum, Ripple (XRP), Solana (SOL), and stablecoins such as Tether (USDT) and USD Coin (USDC).
The remaining 10% of assets that have not yet been fully replenished consist of coins with relatively low liquidity, and Binance is sequentially securing quantities for these assets through open market purchases and over-the-counter (OTC) trades.
To cover the stolen assets, financial resources such as the Secure Asset Fund for Users (SAFU)—an emergency fund built in-house—futures insurance funds, and retained earnings were fully mobilized.
Regarding the deployment of SAFU, Binance explained, "The company will refill the fund to maintain its size at around 1 billion dollars."
It added that only surplus funds from the futures insurance fund were utilized to cover the losses.
To ensure transparency, Binance took a Proof of Reserves snapshot as of 00:00 Coordinated Universal Time (UTC) on the 31st (9:00 AM KST on the 31st) and applied it to the system.
However, because it takes 40 to 50 hours for the Zero-Knowledge Proof computations—which cryptographically verify the existence of deposited assets without exposing personal information or individual transaction details—users will be able to directly check whether their assets are safely stored starting November 3.
Binance plans to resume withdrawal services starting on the 1st of next month, in accordance with the schedule initially proposed.
Binance repeatedly emphasized, "Binance, not the users, will shoulder the financial burden caused by this asset theft."
(Photo: Yonhap News)
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