Binance Allocates $6.34 Billion to Cover Hack Aftermath

The world's largest cryptocurrency exchange, Binance, has allocated over $6.34 billion of its own funds to compensate for losses from a major cyberattack. This amount is intended to fully cover confirmed user losses.

Of the allocated capital, $5 billion has already been invested in the same tokens that were targeted in the attack. The remaining funds will be used to purchase stolen assets on open and over-the-counter (OTC) markets.

The return process may be delayed due to low liquidity of some affected digital currencies. The exchange is actively cooperating with law enforcement agencies and partners to freeze and subsequently return the stolen funds.

To date, $3 billion worth of stolen assets have been frozen. These funds are not included in the $6.34 billion reserve allocation.

The company commits to fully reimbursing user losses and confirming reserves through the Proof of Reserves mechanism. Token returns to users have already begun.