Binance has actively begun recovering affected user assets and remains fully engaged with law enforcement, token issuers, blockchain intelligence agencies, and industry partners to trace, freeze, and reclaim additional funds.
As previously committed, Binance will completely cover all user losses using its own corporate reserves. To ensure total coverage, we have allocated over US$ 6.34 billion in company funds specifically for this incident.
Of this amount, US$ 5 billion is already held in the exact token assets that were impacted. We are currently acquiring the remaining balance through market purchases and Over-The-Counter (OTC) channels to perfectly match the original asset formats and eliminate any shortfall. Please note that securing the remaining assets may take some time due to low liquidity in certain tokens and standard OTC settlement durations. We will share further updates on this process as soon as they become available.
These figures strictly represent company-allocated funds and do not include the US$ 3 billion in assets that have already been successfully frozen through our joint industry efforts. We are working closely with partners and authorities to recover and verify these frozen funds.
Binance will continue to utilize corporate reserves to cover any confirmed shortfalls. Ultimately, all user funds will be publicly audited and verified through our Proof of Reserves (PoR) system.
We will navigate this challenge together. Thank you for your continued trust and support.
$BTC #BinanceSquareTalks
As previously committed, Binance will completely cover all user losses using its own corporate reserves. To ensure total coverage, we have allocated over US$ 6.34 billion in company funds specifically for this incident.
Of this amount, US$ 5 billion is already held in the exact token assets that were impacted. We are currently acquiring the remaining balance through market purchases and Over-The-Counter (OTC) channels to perfectly match the original asset formats and eliminate any shortfall. Please note that securing the remaining assets may take some time due to low liquidity in certain tokens and standard OTC settlement durations. We will share further updates on this process as soon as they become available.
These figures strictly represent company-allocated funds and do not include the US$ 3 billion in assets that have already been successfully frozen through our joint industry efforts. We are working closely with partners and authorities to recover and verify these frozen funds.
Binance will continue to utilize corporate reserves to cover any confirmed shortfalls. Ultimately, all user funds will be publicly audited and verified through our Proof of Reserves (PoR) system.
We will navigate this challenge together. Thank you for your continued trust and support.
$BTC #BinanceSquareTalks