Binance Replenishes 90% of Stolen Funds; Rubio Discusses Trump-Putin Summit

By / / Breaking News

This update was written automatically with AI from market data and news wire reports, and published without review by a person.

Key Takeaways

  • Binance has successfully replenished 90% of the $6.3 billion in assets stolen during a massive security breach on October 29, 2024.
  • The exchange confirmed that 10 major tokens, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), are now 100% fully backed.
  • Withdrawals are scheduled to resume on Sunday, November 1, following a multi-day suspension during the recovery process.
  • U.S. Secretary of State Marco Rubio held talks with Russian Foreign Minister Sergey Lavrov regarding a potential meeting between Donald Trump and Vladimir Putin at next month's APEC summit.

Binance Recovers Majority of $6.3 Billion Heist

Cryptocurrency exchange Binance announced on Saturday that it has replaced approximately $5.7 billion (90%) of the funds lost in a record-breaking heist. The company utilized its corporate treasury, the Secure Asset Fund for Users (SAFU), and its Futures insurance fund to cover the losses, ensuring that users do not bear the financial impact.

The exchange specifically noted that Bitcoin (BTC), Ethereum (ETH), USDT, BNB, Solana (SOL), USDC, XRP, USD1, RLUSD, and Zcash (ZEC) are now fully backed at a 1:1 ratio. The remaining 10% of stolen assets consist of less liquid altcoins, which the company is currently sourcing through market and over-the-counter (OTC) channels.

Security Breach Linked to North Korean Hackers

Blockchain intelligence firms, including TRM Labs and Chainalysis, have attributed the $6.3 billion breach to the North Korea-linked group TraderTraitor. The attack, which targeted Binance's hot wallets, is being cited as the largest cryptocurrency theft in history. Market analysts suggest the exchange's rapid replenishment of funds may help maintain institutional confidence despite the unprecedented scale of the attack.

Binance has provided a new Proof of Reserves (PoR) snapshot as of October 31 to verify the current standing of user assets. While withdrawals remain paused, the exchange is on track to restore full service by Sunday, November 1. The company has committed to rebuilding its SAFU emergency reserve to its $1 billion target within the next 24 hours.

Diplomatic Maneuvers: Rubio and Lavrov Discuss APEC

On the geopolitical front, U.S. Secretary of State Marco Rubio confirmed he spoke with Russian Foreign Minister Sergey Lavrov about a high-level meeting between Donald Trump and Vladimir Putin. The proposed encounter would take place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit scheduled for next month in China.

The discussions occurred during the G20 foreign ministers' meeting in Atlanta, where Rubio is currently hosting international delegations. The potential for a Trump-Putin summit signals a significant shift in diplomatic engagement, as the leaders look to address ongoing conflicts in Ukraine and Iran. While the Kremlin has expressed interest in the meeting, Washington has yet to officially confirm the President's full attendance schedule for the summit.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial professionals. The authors and/or site operators may hold positions in the companies or assets mentioned. Always do your own research before making financial decisions.
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