Announcement
Binance disclosed that it has covered roughly 90% of the $6.3 billion worth of cryptocurrency stolen in what is being described as the largest hack in crypto‑history. The exchange affirmed that it will absorb the entire financial impact, ensuring that users will not suffer any losses.
Market Reaction
The breach triggered broad selling across digital‑asset markets on Friday. Bitcoin slipped to a six‑week low of $76,469.82, trading about 3% lower, while Ether fell more than 3% and other major tokens also experienced pressure.
Asset Replenishment Details
In a social‑media update, Binance said it has been replenishing the affected assets, specifically Bitcoin, Zcash and the stablecoins USDT and USDC. The replacement funds were sourced from a combination of the company’s treasury, emergency reserves and insurance funds. This update follows an earlier disclosure that approximately 80% of the stolen assets had been covered; the remaining 10% are deemed less liquid and therefore more difficult to source and replace.
Withdrawal Restoration
Binance confirmed that withdrawals, which were suspended as part of its response to the incident, are slated to resume by Sunday. The exchange emphasized that the suspension was a precautionary measure while it contained the impact and replenished the affected assets.
Significance
The $6.3 billion theft is being labeled by experts as the biggest cyber‑related loss in the cryptocurrency sector and one of the largest cyber incidents overall. The incident has heightened scrutiny on the security of crypto platforms and the protection of customer funds as digital‑asset firms pursue broader mainstream adoption. Binance’s commitment to make users whole and its plan to restart withdrawals are presented as key steps toward restoring confidence in the market.