Binance reserves $6.3B to cover losses from biggest-ever crypto hack

The exchange said $3 billion in assets has been frozen with assistance from industry partners. Binance has committed more than $6.3 billion in company funds to cover losses from the Thursday incident, with $5 billion already held in the affected tokens and the remaining amount being acquired through market and OTC channels. In a statement on X on Friday, the exchange said it is purchasing the outstanding assets to ensure compensation matches the specific token types affected and addresses any shortfalls. However, the process may take longer for tokens with low liquidity and because OTC transactions require additional settlement time. The company has begun recovering affected assets and said $3 billion has been frozen through cooperation with industry partners, with these figures separate from the funds reserved for compensation. Binance continues to work with law enforcement, issuers, blockchain intelligence firms and other industry participants to trace, freeze and recover additional assets. It added that company resources will cover any confirmed shortfall and that all user funds will eventually be publicly verified through its Proof of Reserves. Disclosure: This article was edit...