Binance says it has covered 90% of the $6.3 billion stolen in record hack

The exchange said it drew on its Secure Asset Fund for Users (SAFU), part of its futures insurance fund and its corporate treasury, and that users will not bear the loss, CNBC and the BBC reported. Binance said all holdings of 10 major tokens, including BTC, ETH and USDT, are now fully backed, while the remaining 10% is in less liquid tokens that may take longer to buy.

Binance said the withdrawal restart is subject to security checks and final confirmation. The company said on Friday it had frozen around $3 billion of the stolen assets, the BBC reported.

Why it matters: The theft is the largest crypto hack on record, and the pace of repayment and the reopening of withdrawals are the main tests of whether customers of the world's largest crypto exchange are made whole.