Binance said on Saturday it has replaced about 90% of the $6.3 billion in assets stolen in what the source describes as the largest cryptocurrency hack in history. The exchange said it would absorb the full financial impact of the theft, so users will not lose money.
Binance said it has been replenishing affected assets, including Bitcoin, Zcash and the stablecoins USDT and USDC. It said the replacement funds come from its treasury, emergency reserves and insurance funds. In an earlier disclosure, the exchange had said it covered about 80% of the stolen assets. It said the remaining tokens are less liquid, which makes them harder to source and replace.
Binance also said it aims to restore withdrawals by Sunday. The service was suspended as part of its response to the incident. The company said in a social media post: "Binance will absorb the financial impact of the stolen funds, not users."
News of the breach triggered broad selling across crypto markets on Friday. Bitcoin fell to a six-week low of $76,469.82 and traded about 3% lower. Ether also fell more than 3%. The source attributes the description of the theft as the largest crypto hack to unnamed experts.