Binance Says It Has Covered About 80% of Funds Stolen in Security Incident

Binance plans to restart withdrawals one token at a time within about 34 hours after securing assets worth more than $5 billion, which it says covers roughly 80% of funds stolen in a security incident.

The exchange said it has prepared more than $6.34 billion in company funds for its response to the incident. More than $5 billion equivalent in USD Coin (USDC), Tether (USDT), Bitcoin (BTC), Ether (ETH) and BNB has been secured; Binance is still buying the remaining amount through market and over-the-counter channels.

The company expects to take its first proof-of-reserves snapshot within 12 hours and publish the results by Monday, Nov. 2.

Binance also said its investigation has found no evidence so far that wallet private keys were exposed. It expects additional technical findings in about 48 hours.