Binance says it has begun restoring affected assets, sets aside more than $6.34 billion to cover losses
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.
