Binance covers 90% of $6B hack losses, plans withdrawals Nov 1

Binance, a leading cryptocurrency exchange, has announced that it has covered 90% of the losses incurred from a $6.3 billion security breach. This recovery includes ensuring full backing for ten major cryptocurrencies. Following this recovery effort, Binance plans to resume withdrawal services on November 1. The exchange had previously suspended withdrawals as it worked to address the fallout from the hack, which had initially seen approximately $3 billion frozen on-chain. Observers will be keenly watching the reopening of Binance’s withdrawal services on November 1 to see if it proceeds smoothly, which could further bolster market confidence.