Binance Says 90% of $6.34 Billion Hack Losses Covered, Withdrawals to Resume Sunday

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.

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