Binance Says It Has Covered 95% of Amount Affected by Theft

Binance said Nov. 2 it had covered about 95% of the amount affected by the Oct. 29 hot-wallet theft. The figure describes its effort to replace affected assets; it does not mean the exchange recovered 95% of the stolen cryptocurrency.

The exchange placed the hot-wallet compromise at about 4:05 p.m. ET Oct. 29 and estimated losses at about $6.3 billion. Binance's Oct. 30 update put company funds reserved for replacement above $6.34 billion, including $5 billion in affected tokens, and said coverage had reached about 80%.

Binance said company funds would absorb the financial impact rather than users. The FBI attributed the theft to North Korea and named the activity TraderTraitor.