Binance Says 90% of Stolen Funds Are Covered as Withdrawals Near

Binance says it has covered 90% of funds stolen in a recent hack, as it works to restore customer access and expects to resume withdrawals Sunday, Nov. 1.

That is up from about 80% in the exchange’s prior update. Binance said its 10 major crypto assets and stablecoins are backed at 100%. The exchange is also buying remaining affected assets through market and over-the-counter channels.

Binance said Friday it would allocate more than $6.3 billion toward covering the incident. The recovery draws on its Secure Asset Fund for Users (SAFU), futures insurance fund and corporate treasury. SAFU is Binance’s emergency reserve for protecting users. The exchange plans to restore it to around $1 billion after using some of it, and has said customers will not absorb the loss.

Binance expects to deploy part of SAFU within 24 hours. It said corporate funds would replenish the futures insurance fund if its balance fell below the required level. Withdrawal service is expected to reopen Sunday, Nov. 1.