Binance wins Saylor’s backing for $6.34B recovery after hack

Strategy Executive Chairman Michael Saylor has backed Binance’s promise to make customers whole after its $6.3 billion hack, as the exchange has reserved more than $6.34 billion of company funds to replace affected assets. Summary Saylor has endorsed Binance’s reimbursement commitment, saying he expects the exchange to deliver. Binance says $5 billion of its reserved funds already matches the cryptocurrencies affected. Withdrawals remain paused while the exchange upgrades its systems, with deposits operating normally. Investigators have traced stolen assets across 10 blockchains and linked the attack to North Korea. Michael Saylor, in an Oct. 30 X post, expressed confidence in Binance’s ability to honor its commitment after quoting the exchange’s latest asset-recovery announcement. “Binance has committed its own balance sheet to making customers whole. I expect it to deliver,” he wrote. “Our industry will learn from this incident, strengthen security, and emerge stronger and more resilient.” His statement endorsed the exchange’s response without announcing a financial contribution from Strategy or offering details about its exposure to Binance. Binance has reserved funds to replace...