Binance says 90% of $6.3 billion hack losses are now covered, plans to resume withdrawals Sunday
Binance says it has restored backing for 90% of assets affected by its $6.3 billion hack and is planning to resume withdrawals, subject to security checks.
Binance's announcement that 90% of the $6.3 billion hack losses are now covered is a significant development for the cryptocurrency exchange and its users. The hack, which occurred earlier this month, resulted in a substantial loss of assets, but Binance's swift response and efforts to restore backing have helped to mitigate the damage.
The fact that Binance is planning to resume withdrawals on Sunday, subject to security checks, is a positive sign for users who have been unable to access their funds. This move will likely help to restore confidence in the exchange, which is essential for its continued operation and growth. The cryptocurrency industry as a whole has been impacted by the hack, with many investors and users becoming increasingly cautious about the security of their assets.
Looking ahead, investors and users will be watching closely to see how Binance's security measures hold up in the coming days and weeks. The exchange's ability to prevent future hacks and protect user assets will be crucial in restoring trust and maintaining its position in the market. Additionally, regulatory bodies may take a closer look at Binance's security protocols and the incident as a whole, which could lead to increased scrutiny and new guidelines for cryptocurrency exchanges.
Originally reported by cnbc.com. ExpoNews adds analysis for finance & markets readers.