Binance said Saturday that it had replenished 90% of the assets stolen in its $6.3 billion hack, up from 80% the previous day, and was still aiming to resume withdrawals on Sunday.
The exchange is funding the replacement effort through its corporate treasury, a partial deployment of its Secure Asset Fund for Users and part of its futures insurance fund, according to a spokesperson cited by Cointelegraph. Binance said it would absorb the financial impact rather than pass the losses on to users, while maintaining the insurance fund above its required risk-management levels.
The theft occurred Thursday and has been described as the largest cryptocurrency hack on record. TRM Labs has attributed it to North Korea’s TraderTraitor hacking group.
On Friday, Binance said it had set aside $6.34 billion to cover the losses, including $5 billion in the affected cryptocurrencies. Tether and Circle separately froze around $3 billion in affected assets after the hack, but those funds are not part of Binance’s replacement of the stolen tokens.
CertiK said it needed additional information to verify Binance’s claim regarding the $5 billion in replacement cryptocurrencies. Binance has published a new reserves snapshot, although it said its complete cryptographic proof was still being generated. The exchange estimated that producing the full zero-knowledge proof would take approximately 40 to 50 hours because of the computational workload.
Binance said customer balances in Bitcoin, Ether and eight other assets were fully backed. The remaining shortfall consists of less-liquid tokens that the exchange is continuing to purchase through market and over-the-counter transactions.
The spokesperson did not disclose how much each funding source contributed, specify the insurance fund’s minimum required balance or quantify the amount of stolen cryptocurrency that had been recovered.
Sources: Cointelegraph.