Binance said it has replenished 98% of the reserves affected by a recent cyberattack, according to co-CEO Richard Teng in a statement.

The exchange covered more assets than required and continues recovering remaining tokens through controlled over-the-counter purchases to limit market impact.

Incident and impact

According to Richard Teng, Binance assumed the financial consequences of the breach and provisioned funds exceeding the immediate liability.

Company reports it has restored 98% of affected reserves, leaving a small portion in less-liquid token holdings for gradual recovery.

Recovery method

Teng said the remaining 2% primarily comprises less liquid tokens, which the exchange is acquiring through over-the-counter transactions carefully.

Executives stated that these OTC purchases aim to avoid sudden price swings and minimize disruption to global trading markets altogether.

Security measures and asset control

Binance says it has closed identified intrusion points, rebuilt affected systems and strengthened threat monitoring across its infrastructure recently.

By coordinating with partners, the exchange reports freezing or intercepting roughly $2.85 billion in illicit or compromised funds linked to the incident.

Outlook and disclosure

Teng emphasized ongoing monitoring and said Binance will continue reporting remediation progress to stakeholders and relevant authorities as appropriate regularly.

The exchange has not provided a timetable for completing purchases of the remaining tokens, noting the process depends on market liquidity conditions.