Binance has replenished 95% of the crypto stolen in last week’s record hack, co-CEO Richard Teng said at Hong Kong Fintech Week on Tuesday, Reuters reports .
The exchange remains in “very strong financial health,” Teng said.
Hackers drained about $6.3 billion from Binance wallets on Thursday evening, the biggest crypto heist on record.
Blockchain analysis firm TRM Labs says most of the theft unfolded in roughly 20 minutes, with funds moved out across 10 blockchains. Binance suspended withdrawals, then resumed them in phases on Sunday.
Teng said the losses were covered by Binance’s emergency insurance fund, known as SAFU, plus other company money.
SAFU is a $1 billion bitcoin reserve the exchange set up in 2018. The remaining 5% of affected tokens are less liquid, he said, and are being replaced through over-the-counter providers.
“It’s a painful lesson. We take responsibility for it,” Teng said, promising a full post-mortem of the breach.
Customers still headed for the exit.…