Binance Says It Has Covered About 95% of Theft-Related Losses

Binance says it has covered about 95% of the amount affected by a theft, with the remaining assets still being sourced, leaving a small share of affected holdings outstanding.

The exchange said Nov. 1 that the covered share had risen from 90% in its prior update. The remaining roughly 5% consists of tokens outside its 10 largest assets. Binance is obtaining those tokens through market purchases and over-the-counter (OTC) trades, but says low liquidity means acquiring the required amounts will take longer.

Binance said customer balances in Bitcoin (BTC), Ether (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, RLUSD and Zcash (ZEC) are fully backed by reserves. Customers can check those balances on the exchange’s proof-of-reserves page.

The company said it will absorb all economic losses caused by the stolen funds and will not pass them on to customers. Binance plans to publish a post-incident review after its investigation ends.