Binance Commits More Than $6.34 Billion to Cover Breach Losses

Binance says it has completed coverage for customer assets hit by its Oct. 29 breach, after committing more than $6.34 billion to address losses valued at about $6.3 billion.

The exchange listed funds from its Secure Asset Fund for Users (SAFU), excess money from its Futures insurance fund and corporate treasury as sources. Binance also plans to replenish SAFU to about $1 billion.

Its updated Proof of Reserves snapshot covers 198 tokens and is timestamped 00:00 UTC Nov. 12 (7 p.m. ET Nov. 11). The full zero-knowledge proof was still being generated in Binance’s Nov. 12 announcement, with completion expected to take about 40 to 50 hours. Once available, holders of affected tokens can use it to verify at least 1:1 backing.

Binance estimated that its hot wallets were compromised at about 4:05 p.m. ET Oct. 29 (20:05 UTC). The FBI has attributed the theft to North Korea and identifies the activity as “TraderTraitor.” Binance’s $6.34 billion figure is its commitment to cover losses; the announcement did not state how much was recovered from the attackers.