Binance arranges $6.34 billion to cover losses from record crypto hack
Source: CoinDesk ·
From the source
Binance said it reserved its own funds to cover the $6.3 billion hack, including freezes of roughly $3 billion in stolen assets. Binance moved aggressively to reassure users after the largest crypto exchange suffered the largest cryptocurrency theft in history. In an update shared with CoinDesk, the exchange said it set aside over $6.34 billion for the incident, with $5 billion already held in the exact token assets that were affected. In other words, Binance is using its own corporate money to secure matching cryptocurrencies so that affected user balances can be restored one-for-one without altering or taking customer funds. It is completing the purchase of the remaining amount by buying the tokens through public markets and over the counter so the reserves match exactly what users lost. The company is also banking on its Secure Asset Fund for Users (SAFU) facility, an emergency reserve that has typically held around $1 billion in bitcoin BTC $77,463.31 for exactly this kind of…