Investing.com -- Binance said it has covered around 90% of the cryptocurrency stolen in a record $6.3 billion hack, as the exchange moves to compensate affected customers and resume withdrawals by Sunday.
The world's largest cryptocurrency exchange reiterated on Saturday that it would absorb the entire financial impact of the theft, pledging that users would not suffer losses.
News of the breach triggered broad selling across cryptocurrency markets on Friday, with Bitcoin hitting a six-week low of $76,469.82 and trading around 3% lower. Ether also fell more than 3%, while other major cryptocurrencies came under pressure.
In a social media update, Binance said it had been replenishing affected assets, including Bitcoin, Zcash and stablecoins USDT and USDC. The replacement funds have come from a combination of the company's treasury, emergency reserves and insurance funds.
The latest update marks progress from the exchange's previous disclosure that it had covered approximately 80% of the stolen assets. Binance said the remaining tokens were less liquid, making them more difficult to source and replace.
The exchange also said it was working to restore withdrawals by Sunday. The service had been suspended as part of its response to the incident, while Binance worked to contain the impact and replenish the affected assets.
"Binance will absorb the financial impact of the stolen funds, not users," the company said in its post.
The incident has sent shockwaves through the cryptocurrency industry. At $6.3 billion, the theft is being described by experts as the largest hack in cryptocurrency history and one of the biggest cyber incidents more broadly.
The scale of the breach comes as digital asset firms seek wider mainstream adoption, putting renewed attention on the security of crypto platforms and the protection of customer funds.
Binance's commitment to make users whole and its plan to resume withdrawals are key steps in its effort to restore confidence following the attack.
Original Article
Binance says it has replaced 90% of $6.3 billion stolen in record crypto hack
Bitcoin rises as Binance says it has covered 90% of $6.3 billion hack
Bitcoin cuts some losses, but falls below $77k after Binance hit with $6.3B hack
