About $2.85 billion in crypto tied to Binance's Oct. 29 attack had been secured or blocked, co-CEO Richard Teng said, while the exchange continued restoring affected customer tokens.
Teng credited cooperation involving law enforcement, token issuers and blockchain analytics firms. Teng said restoration had reached 98%, leaving 2% of the affected tokens still to be resolved.
Binance had also set aside more funds than necessary to cover customer losses, Teng said, and customers would not bear the cost. Withdrawals had broadly resumed, and deposits each hour exceeded withdrawals, he said.
The frozen or intercepted total and the replacement rate measure different things: the first counts assets secured or stopped, while the second tracks tokens Binance replaced. The exchange previously estimated the attack caused about $6.3 billion in token losses and said its Secure Asset Fund for Users and corporate treasury would cover the financial impact, according to an earlier account of the breach.
Teng characterized the attack as a highly sophisticated effort extending across several months. Binance was publishing a fuller account of the incident, he said, with lessons intended to extend beyond the exchange.
