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The cryptocurrency exchange platform Binance said on Saturday that it had managed to recover 90 percent of the funds stolen after its platform was subjected to a record-breaking hack worth $6.3 billion.
It added in a statement that the remaining 10 percent consists of less liquid digital tokens, meaning that acquiring them in the required quantities may take longer.
The platform said it had allocated approximately $6.34 billion of the company's funds to cover the losses.
It added that the compensation process included using a portion of the "Secure Asset Fund for Users" (SAFU), valued at $1 billion, which is a Bitcoin reserve it maintains to protect customers in the event of security breaches.
Richard Teng, the company's co-CEO, said yesterday, Friday, that the breach was a "sophisticated attack" that involved the use of a compromised laptop and malware designed to delete evidence of its activity, which made tracking and investigation operations difficult.
Binance stated that users holding the ten listed tokens—Bitcoin, Ether, Tether, Binance Coin, Solana, USD Coin, XRP, USD1, Ripple USD, and Zcash—will be able to verify that their assets are backed at least one-to-one once the proof-of-reserves process is complete.
The platform said it remains on track to resume withdrawal services tomorrow, Sunday, November 1st, within the previously announced schedule.
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