Binance Says It Covered 95% of Hack Losses, Questions Remain on Withdrawals

The exchange confirms it drew on its insurance reserve after a security breach, prompting users to ask whether normal withdrawals are still possible. Binance has told users that 95% of losses stemming from a recent hack have been covered, according to a report from AMBCrypto. The statement has prompted immediate questions from traders about whether withdrawals from the exchange are functioning normally in the aftermath. A separate report from crypto.news adds that Binance drew on its insurance fund to address the shortfall.