Doha:Cryptocurrency exchange Binance announced that it has successfully covered 90% of the losses incurred from a recent cyberattack. The company is actively engaging in market and over-the-counter (OTC) purchases to address the remaining losses.
According to Anadolu Agency – English, Binance revealed it has allocated more than $6.34 billion in company funds to compensate users affected by the attack. Initially, approximately 80% of the affected amount had been covered, but this rate has now increased to 90%.
The company confirmed that losses involving major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, RLUSD, and Zcash (ZEC) have been fully covered. The remaining 10% of losses involve less liquid tokens, which Binance plans to cover completely through continued purchases.
Binance assured users that it would bear the financial burden of the stolen funds, not the users themselves. The company's next goal is to resume withdrawal services by November 1, adhering to a previously announced timeline.
Additionally, Binance announced a new proof-of-reserves snapshot, allowing users to verify that their assets are backed at a minimum 11 ratio, following a zero-knowledge proof generation. Earlier, the company had been investigating potential security issues and had confirmed that users' funds remained safe. The estimated scale of the security breach was $6.3 billion, with approximately $3 billion in assets frozen.