Binance Starts Replacing Hacked Assets With $6.34 Billion in Funds
Photo: TokenPost
Binance has begun restoring assets taken from users in a hack, with more than $6.34 billion in company funds set aside to cover the losses and replace affected balances. The exchange says it already has more than $5 billion in tokens matching the affected assets. It is acquiring the rest through public markets and over-the-counter (OTC) trades, aiming to match the types and amounts owed to users. Binance says it is using company resources for the effort, not customer assets. Some tokens have limited liquidity, and OTC transactions can take time to settle, which may slow the replacement process.
Source: TokenPost
