Binance has pledged to cover the remaining losses from a $6.3 billion hack using its own assets, according to SB Seker, Head of APAC at the exchange. Speaking on November 1, Seker confirmed that 90% of the stolen assets have already been replenished, with the remaining 10% being sourced from illiquid assets through open markets, metacoins (MTC), and other exchanges.
In the aftermath of the hack, Tether froze over $1.5 billion in stablecoins (USDT), Circle secured about $800 million in USDC, and other firms like Ripple and BitGo froze additional millions tied to the stolen addresses, bringing the total recovered assets to nearly $3 billion. Binance’s Secure Asset Fund for Users (SAFU) is providing an insurance safety net worth approximately $1.17 billion to $1.2 billion.
Seker emphasized Binance’s commitment to transparency and accountability, noting that the exchange reopened withdrawals within the 48-hour timeline it had set. The FBI confirmed that the theft was carried out by the North Korean hacking group TraderTraitor, who primarily converted the stolen assets into Ethereum.
Seker highlighted the collaborative effort in recovering assets, stating that more than half of the stolen funds ($3.3 billion) were recovered through partnerships. He underscored the importance of security as an ecosystem responsibility, especially amid ongoing AI-led cyberattacks and data breaches.