Binance said it had covered about 90% of the US$6.3 billion in cryptocurrency stolen in a recent theft, up from 80% in its previous update. The company planned to restore withdrawals by November 1.

The crypto-exchange said it would absorb the full financial impact so users would not suffer losses. Experts described the theft as the largest crypto hack on record.

The company said it used its own funds, as well as emergency and insurance funds, to replace assets including bitcoin, zcash, and the stablecoins USDT and USDC.

Some of the remaining stolen tokens are less liquid, making them harder to replace.

Binance also operates the Secure Asset Fund for Users, which serves as an emergency insurance fund for users.

🔗 Source: Bloomberg

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