Binance says it has covered 90% of US$6.3 billion hack losses
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In 50 words
Binance, the world's largest cryptocurrency exchange, said on Saturday it has covered 90% of the US$6.3 billion in assets stolen in a hack on Thursday. The firm said it will absorb the losses, not users, and aims to reopen withdrawals on 1 Nov.
What's next
Binance said it is on track to reopen withdrawals on Sunday 1 Nov and will give a further update once details are confirmed.
Key dates
- Thursday 29 OctHack takes place, with about US$6.3 billion in assets stolen.
- Friday 30 OctBinance says it has frozen around US$3 billion of stolen assets with help from law enforcement and partners.
- Saturday 31 OctBinance says it has covered 90% of the stolen assets.
- Sunday 1 NovDate Binance is aiming to reopen withdrawals.
