Binance Sets Aside $6.34 Billion to Cover Losses From Record Crypto Hack
Binance says it has reserved more than $6.34 billion of its own funds to cover user losses after a hack, with roughly $3 billion in stolen assets frozen.
AfroEuropa Newsroom
AfroEuropa desk
Binance said it has set aside more than $6.34 billion of its own funds to cover user losses stemming from a hack in which about $6.3 billion in assets were stolen, according to reporting by CoinDesk, Cointelegraph and Decrypt.
The exchange said roughly $3 billion of the stolen funds have been frozen. According to Cointelegraph, Binance is working with law enforcement, including the FBI, to recover the frozen assets.
Binance said it holds more than $5 billion in matching tokens to cover the losses and that it would include the reserved assets in its next proof-of-reserves report, Cointelegraph reported.
Blockchain analytics firms TRM and Chainalysis attributed the hack to the group known as TraderTraitor, linked to North Korea, the same group they blame for the Bybit hack, according to Decrypt.
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