Binance Covers 90% of $6 Billion Hack Losses and Schedules Withdrawals

Binance expects to partially deploy its SAFU fund within 24 hours to address a $6.3 billion security breach. The incident highlights the need for robust contingency planning and asset protection measures.

Binance stated that its top 10 user assets remain fully backed following a major security breach. The exchange emphasized transparency and security protocols to reassure customers regarding asset reserves.

Binance executives convened an emergency war room and global conference calls following a $6.3 billion exploit. The exchange's founder live-posted updates during a hectic 24-hour response to the largest heist in crypto history.