Binance said in an early-morning post on X that it will fully absorb the losses tied to the incident through its Secure Asset Fund for Users, or SAFU, and company funds. The exchange said it has already allocated more than $6.34 billion, including $5 billion in tokens, while the remaining portion is being acquired through over-the-counter transactions and other methods. Based on the figures disclosed by Binance, that amount covers roughly 80% of the losses.
The company also said $3 billion of the stolen funds has so far been frozen on-chain. In its preliminary investigation, Binance said the incident may be linked to a compromised laptop. It added that later investigation uncovered other vulnerabilities, but it has not found evidence that wallet private keys were exposed. Over the next few days, Binance said it will focus on restoring withdrawals, improving transparency and verification through proof of reserves, recovering the frozen stolen funds, and publishing an analysis report on the incident.
Binance said in an early-morning post on X that it will fully cover the losses from the incident through its Secure Asset Fund for Users, or SAFU, and company funds.
The exchange said it has already allocated more than $6.34 billion, including $5 billion in tokens. The rest is being purchased through over-the-counter transactions and other methods. Based on Binance’s disclosed figures, that amount covers about 80% of the losses.
Binance also said $3 billion of the stolen funds has so far been frozen on-chain.
Preliminary findings and next steps
According to Binance’s preliminary investigation, the incident may be linked to a compromised laptop. The company said later investigation also found other vulnerabilities, but it has not found evidence that wallet private keys were leaked.
Binance said it will focus on four items over the next few days:
- restoring withdrawals;
- improving transparency and verification through proof of reserves;
- recovering the frozen stolen funds; and
- publishing an analysis report on the incident.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
