Victims of the biggest reported crypto theft in history can finally breathe a sigh of relief.
Binance announced Thursday that it has finished replacing all the cryptocurrency stolen in last month’s massive hack.
The world’s largest crypto exchange said it committed more than $6.34 billion in company funds to cover the losses from the October 29 attack. Over the past two weeks, Binance has been buying replacement tokens through regular markets and over-the-counter transactions.
Binance derived the money for the reimbursements from a mix of the exchanges’s Secure Asset Fund for Users (SAFU), futures insurance fund, and corporate treasury.
Binance also said it plans to replenish SAFU to roughly $1 billion in preparation for future emergencies.
The exchange also published a new Proof of Reserves snapshot, which covers 198 tokens, to show that it has enough assets to back customer holdings on a one-to-one basis. Binance said users will be able to independently verify their holdings once it generates the full proof, a process the exchange said it expected to take 40 to 50 hours.
Binance said it will continue restoring withdrawals in phases in the meantime.
“To our users and community: thank you for your patience and understanding,” the company posted on X.
While Binance says customers won’t be left hanging for the stolen crypto, plenty of questions remain…
