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Binance says 95% of hack losses covered – Can users withdraw normally?

Reported by Benjamin Njiri, AMBCrypto

Image: AMBCrypto

Binance said it has covered $6B, or 95% of the $6.34B in lost funds, and resumed withdrawals on Sunday, the 1st of November. How did Binance cover the stolen funds? The coverage funds have come from three sources in a record 3 days since the hack on Thursday, the 29th of October. It took $581M (7,499 BTC) from the Secure Asset Fund for Users (SAFU), an emergency reserve fund. Binance promised to replenish the SAFU fund to $1B. Similarly, it pulled about $425M from the Futures Insurance Fund, designed to cover liquidation risks in its derivatives segment.

This is an excerpt. The reporting belongs to AMBCrypto.

Read the full report on ambcrypto.com
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