Binance said it has started restoring assets affected by the theft incident and has earmarked more than $6.34 billion in company funds to cover the losses. According to the exchange, $5 billion of that amount is already held in the same categories of tokens that were affected, while the remainder is being acquired through market purchases and over-the-counter, or OTC, channels to match the composition of the stolen assets.
The company said all user funds will ultimately be publicly verifiable through its Proof of Reserves system. Binance also noted that the reserved amount does not include assets that have already been frozen or otherwise protected, which are still under recovery and verification.
So far, about $3 billion has been frozen with help from industry partners, Binance said. The exchange added that it is working with law enforcement, token issuers, on-chain analytics firms and other industry participants to keep tracing, freezing and recovering more funds, and that confirmed shortfalls will be covered with company resources.
Binance said in a post on X that it has begun restoring assets affected by the theft incident and has set aside more than $6.34 billion in company funds to cover the losses.
The exchange said all user funds will ultimately be publicly verifiable through Proof of Reserves.
How the reserved funds are structured
Of the amount set aside, $5 billion is already held in the same categories of tokens that were affected. The rest is being purchased through market and OTC channels to match the token mix of the stolen assets and fill the gap.
Binance said the process may take time because some tokens have lower liquidity and OTC settlement also requires time. It said updates will be released as soon as possible.
Frozen and recoverable assets
Binance said the figure does not include assets that have already been frozen or protected. Those assets are still in the process of recovery and verification.
So far, about $3 billion has been frozen with assistance from industry partners, according to Binance. The exchange said it is working with law enforcement, token issuers, on-chain analytics firms and industry partners to continue tracing, freezing and recovering more funds, and will use company resources to cover confirmed shortfalls.
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