Binance is buying altcoins through over-the-counter desks and the open market to fully match all stolen altcoin holdings as part of its proof-of-reserves process, according to a post on X by Binance co-founder and co-CEO He Yi. She said Binance’s SAFU fund and the exchange’s own holdings include a large amount of assets such as BTC and ETH, and that the company is now acquiring the affected altcoins to complete the matching process. Once the purchases are finished, Binance will provide another update.
Citing an official statement, He Yi said Binance has set aside more than $6.34 billion in company funds for the incident. Of that amount, $5 billion is already held in the form of affected token assets. The company is purchasing the remaining token assets through market channels and OTC transactions to match the rest of the token balances and cover any asset shortfall. The same statement said $3 billion in assets have already been frozen.
Binance is using OTC purchases and open-market buying to fully match all stolen altcoins as it works to complete its proof-of-reserves process, according to a post on X from Binance co-founder and co-CEO He Yi.
He Yi said Binance’s SAFU fund and the exchange’s holdings include a large amount of assets such as BTC and ETH. She added that the company is now buying the affected altcoins through OTC channels and on-exchange markets, and said Binance will share another update after the purchases are completed.
Official statement cited by He Yi
In the official statement cited by He Yi, Binance said it has reserved more than $6.34 billion in company funds for the incident. Of that total, $5 billion is already held in the form of affected token assets.
The statement said the company is buying the remaining token assets through market channels and OTC transactions to match the rest of the token balances and make up for any asset shortfall.
$3 billion in assets frozen so far
The same statement said that $3 billion in assets have been frozen so far.
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