Binance said on Saturday that it has replaced about 90% of the $6.3 billion in assets stolen in a crypto hack, and that it will absorb the full financial impact so users do not lose money. The company said the replacement funds come from its treasury, emergency reserves and insurance funds.
In a social media update, Binance said it has been replenishing affected assets, including Bitcoin, Zcash and the stablecoins USDT and USDC. The update follows an earlier disclosure that the exchange had covered about 80% of the stolen assets. Binance said the remaining tokens are less liquid, which makes them harder to source and replace.
The exchange said it is working to restore withdrawals by Sunday. Withdrawals had been suspended as part of its response to the incident.
News of the breach triggered broad selling across cryptocurrency 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%, and other major cryptocurrencies came under pressure.
Binance said in its post: "Binance will absorb the financial impact of the stolen funds, not users." Source excerpt attributes the $6.3 billion figure to experts describing it as the largest hack in cryptocurrency history.