Binance Hack: How the Exchange Plans to Pay Back $6.3 Billion
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TLDR Binance said it set aside more than $6.34 billion in company funds to cover losses from a $6.3 billion hack, the largest crypto theft on record. About $5 billion is held in the same tokens that were stolen, and the exchange plans to buy the rest on public markets and over the counter. Binance said about $3 billion in affected assets has been frozen and is not counted in the set-aside funds. TRM Labs and Chainalysis linked the attack to North Korean hacking group TraderTraitor. Deposits remain open and withdrawals are paused while security checks finish.
Source: CoinCentral
