Binance: Has Covered $6 Billion in Losses from Stolen Assets

Binance said it has covered roughly $6 billion of the losses from a recent hack, completing the transfer of 7,499 BTC from its Secure Asset Fund for Users (SAFU) on November 1. The exchange had previously earmarked more than $6.34 billion of corporate funds for the incident, raising the coverage ratio of affected assets from 80% to 90%, with 10 assets—BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC—now at 100% reserve coverage. Funding sources include part of the SAFU fund, the futures insurance fund, and Binance's own capital, while remaining shortfalls in lower-liquidity tokens are being bought back via public markets and OTC channels. The company reiterated it will absorb all financial losses without passing costs to users. Watch for updates on the remaining asset top-ups and any disclosure of the hack's root cause.