Binance said on Saturday it had replenished 90% of the assets stolen in its $6.3 billion hack, up from 80% a day earlier, and remained on track to resume withdrawals on Sunday.
The exchange is using a combination of its corporate treasury, a partial deployment of its Secure Asset Fund for Users (SAFU), and a portion of its futures insurance fund, a spokesperson told Cointelegraph.
“Binance will absorb the financial impact of stolen funds, not users,” the spokesperson said, adding that the insurance fund would remain above the required risk management level.
The update follows Thursday’s theft, the largest cryptocurrency hack ever, which TRM Labs has since attributed to North Korean hacker group TraderTraitor.
Following the hack, Binance announced on Friday that it had set aside $6.34 billion to cover losses, including $5 billion in the affected cryptocurrencies. Industry partners such as Tether and Circle froze approximately $3 billion in affected assets following the hack, but these funds are separate from Binance’s replacement of the stolen tokens.
Still, CertiK told Cointelegraph on Friday that it needed more information to verify Binance’s claimed $5 billion worth of replacement cryptocurrencies. Binance has since then published a new backup snapshot, but says the full cryptographic proof is still being created. “Due to the computational effort, it takes approximately 40 to 50 hours to create the full zero-knowledge proof,” the exchange said in its update.
Binance said announced in its update to X that customer balances in Bitcoin (BTC), Ether (ETH) and eight other assets were fully secured. The remaining shortfall consists of less liquid tokens that continue to be purchased through market and over-the-counter transactions, the update said.
The spokesman’s statement did not specify how much each funding source contributed, nor did it disclose the minimum required insurance fund balance. It also did not quantify how much stolen crypto was recovered.
Read Cointelegraph’s full coverage of the Binance hack here.
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