Binance begins recovering assets, reserves $6.34 billion to cover hack
The exchange says $5 billion is already held in the exact tokens that were stolen.
Binance said on Friday it has begun recovering affected assets for users and is working with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover more funds.
The exchange has reserved over $6.34 billion of company funds to cover the incident, having already committed to cover losses. About $5 billion of that is held in the exact token assets that were impacted.
Binance is buying the rest through market and OTC channels to match the stolen tokens, which it says can take longer because some tokens have low liquidity and OTC settlement takes time. The post drew about 9,600 likes.
