Binance has replenished 95 per cent of the cryptocurrency stolen in last week’s record-breaking hack, with co-CEO Richard Teng assuring users that the exchange remains in “very strong financial health.”
“The exchange remains in “very strong financial health,” Teng said in a statement on Tuesday, according to Reuters.
Hackers stole approximately $6.3bn from Binance wallets on Thursday evening in what was described as the largest cryptocurrency theft on record.
Blockchain analysis firm TRM Labs said most of the stolen funds were transferred within about 20 minutes across 10 different blockchains.
Binance subsequently suspended withdrawals before gradually restoring the service on Sunday.
Teng said the losses had been covered by the company’s emergency insurance fund, known as SAFU, alongside other corporate funds.
SAFU is a $1bn Bitcoin reserve established by Binance in 2018. Teng said the remaining five per cent of the affected tokens were less liquid and were being replaced through over-the-counter providers.
“It’s a painful lesson. We take responsibility for it,” he said, adding that the exchange would conduct a comprehensive review of the breach and publish its findings.
Despite the recovery efforts, customers continued to withdraw funds from the platform. Teng said Binance recorded net withdrawals of $4.72bn by Monday, representing about three per cent of its total assets. Most of the withdrawals were made in Tether’s USDT stablecoin.
However, he noted that hourly inflows and outflows had largely returned to normal levels. Binance said it serves more than 335 million users and processes about $95bn in daily trading volume.
