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.