Binance Says 90% of $6.34 Billion Hack Losses Covered, Withdrawals to Resume Sunday
AI Market Summary
Binance's disclosure that 90% of the $6.34 billion hack loss is covered, with major assets fully backed and withdrawals resuming, reduces counterparty and contagion risk. Use of treasury, SAFU, and insurance funds signals liquidity support, though remaining illiquid tokens and pending proof-of-reserves keep scrutiny elevated. Near-term crypto sentiment benefits as redemption confidence improves.
Impact level
● High
Affected assets
BTC/USDT+0.75%
AI Insight · BTC/USDTAI Insight
▲ Bullish
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Binance said it has restored backing for 90% of the assets stolen in Thursday's hack, drawing on its corporate treasury, SAFU emergency reserves and Futures insurance fund. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are now fully backed 1:1, according to the exchange. The remaining 10% consists of less liquid tokens that Binance is still buying through market and OTC channels. The exchange has committed to rebuilding its SAFU fund to about $1 billion and expects to publish its full cryptographic Proof of Reserves by November 3. Withdrawals remain on track to resume Sunday, November 1.
