Binance Says It Has Covered 95% of Assets Stolen in Hack, Warns of Temporary Withdrawal Delays After Resumption
Summary
- Binance said it has secured 95% of the assets stolen in a large-scale hack.
- It said the remaining 5% of the hacked assets may take more time to purchase because of low market liquidity.
- Binance said that after withdrawal services are restored, a concentration of withdrawal requests could lengthen processing times for some transactions or temporarily delay withdrawals.
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Binance, the global cryptocurrency exchange, said it has covered 95% of the assets stolen in a large-scale hack.
In an official statement released on November 1, Binance said it had secured about 95% of the assets lost in the breach. That was up 5 percentage points from 90% in its previous update.
The remaining 5% consists of tokens outside the 10 major cryptocurrencies Binance had previously said were fully replenished: Bitcoin (BTC), Ether (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, Ripple USD (RLUSD) and Zcash (ZEC). Binance said those tokens have relatively low market liquidity, so it may take longer to buy the additional amounts needed.
The exchange also said temporary delays may occur as withdrawal services are restored. After withdrawals initially resume, a surge in user requests could lengthen processing times for some transactions or temporarily delay withdrawals.
Binance suspended withdrawals after a hack worth about $6.3 billion on October 29 and had been working to secure the affected assets and conduct security checks. The exchange has maintained that it will absorb the full financial loss from the breach rather than pass it on to users.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.