Binance begins buying back stolen altcoins using Bitcoin, Ethereum after $6.3B hack

Binance has begun buying back cryptocurrencies stolen in its $6.3 billion security breach, using company reserves and market purchases to replace affected assets in matching token amounts as investigators continue tracing the stolen funds. Binance says it has reserved more than $6.34 billion to cover losses from the October 29 security breach. The exchange already holds $5 billion in the affected tokens and is buying the remaining assets through exchanges and OTC desks. Co-founder Yi He says Binance is using its SAFU fund and company holdings, including BTC and ETH, to replace stolen altcoins.

Source: crypto.news