Binance replaces 90% of stolen crypto, promises to cover losses
Business
Binance just replaced 90% of the crypto stolen in a massive security breach, promising users it will cover all losses.
The exchange says 10 major cryptocurrencies, including Bitcoin and Ethereum, are fully backed again, and withdrawals are coming back by November 1.
Binance taps treasury and insurance fund
To fix things fast, Binance dipped into its own treasury and insurance fund to restore customer balances.
It is also buying back the rest of the missing assets through market deals and may use its Secure Asset Fund for Users (SAFU) to help out.
Even after one of the biggest crypto hacks ever (linked to North Korean hackers), Binance's quick response seems aimed at keeping user trust strong.