Binance Reports 90% Asset Replacement After $6.3B Hack

Binance said it had replaced 90% of assets affected by the estimated $6.3 billion hack, with token purchases continuing. The October 31 statement also outlined withdrawal and reserve-verification plans. The exchange said customers would not bear the losses. The update followed an October 30 commitment of more than $6.34 billion in company funds. At that stage, about $5 billion was already held in the affected cryptocurrencies. Binance had put coverage at approximately 80% before the October 31 update. The latest percentage involves the replacement of the assets being utilized to secure customer balances.