Binance says it holds $5B in matching tokens to cover hack losses
Summary
Binance said it has set aside more than $6.34 billion in company funds to cover losses from a $6.3 billion hack, including $5 billion held in the exact tokens stolen and in Binance custody. The exchange has not disclosed when it acquired the assets or which tokens it still needs to buy. It said the holdings will appear in its next proof-of-reserves report and that it reports company funds weekly to Abu Dhabi’s FSRA. Binance said about $3 billion in affected assets had been frozen with blockchain partners; those funds are excluded from its reserve allocation. TRM Labs attributed the theft, which spanned 10 blockchains, to North Korean group TraderTraitor.
