Binance says 90% of $6.3 billion hack losses are covered, plans to resume withdrawals Sunday
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On Saturday Binance said it had restored backing for about 90% of the roughly $6.3 billion in tokens stolen from hot wallets in a record theft announced Thursday, and will keep buying assets until coverage reaches 100%. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are fully backed; Binance will absorb the losses, not users, while the remaining 10% are less liquid tokens outside its top ten. It is using SAFU, its Futures insurance fund and corporate treasury. Withdrawals may resume Sunday pending security checks as its investigation continues; how the attack happened is still unclear.
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