Binance Says It Replaced Assets Affected by $6.34B Hack

Binance said on November 12 that it had completed replacing assets affected by the October 29 cyberattack, committing more than $6.34 billion in company funds and purchasing replacement cryptocurrencies. The exchange’s announcement covers assets affected by the incident, not cryptocurrency stolen by the attackers, which the reports do not say has been recovered.

Binance said it used funds from its Secure Asset Fund for Users, its futures insurance fund and its corporate treasury. It acquired affected cryptocurrencies through market and over-the-counter transactions. The company had reported that replacement coverage reached about 98% by November 4, with purchases still under way for some less-liquid tokens.

The exchange also published a Proof of Reserves snapshot covering 44 cryptocurrencies, an expansion from 10 in the previous assessment. The snapshot records balances as of November 4 at 00:00 UTC. Binance said customers would be able to check that assets were backed at least 1:1 once it generated an accompanying zero-knowledge proof.

That proof had not been confirmed as complete in the latest reports. Binance had estimated that generating it would take 50 to 60 hours, but its...