What happened
Binance's CEO announced that 90% of the $6.3 billion in crypto assets stolen from user accounts in a security breach has been restored. According to the statement, the company will cover the remaining portion as well.
Background
The incident came to light after Binance temporarily halted withdrawals and the reported stolen amount rose from $5.6 billion to $6.3 billion. Throughout the process, the company maintained that user assets were safe.
What it means for readers
For users with assets on the exchange, the key question is which accounts the reimbursement will reach and when. The company's commitment to cover the remaining 10% stands out as a pledge to close the full loss.
