Update:
Binance has begun recovering the affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms, and industry partners to trace, freeze, and recover additional funds.
The company had already publicly committed in its previous announcement to cover the losses with its own funds.
Binance has already set aside more than $6.34 billion in its own funds to cover this incident. Of this amount, $5 billion is already held in the same affected tokenized assets. We are finalizing the purchase of the remaining amount by acquiring tokenized assets through markets and over-the-counter (OTC) channels. We are doing this to match the nature of the remaining tokenized assets and fill any asset shortfall. This step may take longer, as some tokens may have low liquidity, and settling OTC transactions also takes time. We will share further updates as soon as possible.
These figures do not include frozen or protected assets, which remain subject to ongoing recovery and verification procedures. To date, $3 billion has been frozen, thanks to our industry partners. We are working with our partners and law enforcement to recover the frozen assets. We will continue to use company resources to cover any confirmed shortfall and provide further verified updates as recovery efforts progress. Ultimately, all user funds will be publicly verified through our Proof of Reserves.
We will get through this. Thank you for your support.
Source:
https://x.com/binance/status/2116121748555153621?a=DKgdpL87E-EDVJ9AfVM&s=46
Binance has begun recovering the affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms, and industry partners to trace, freeze, and recover additional funds.
The company had already publicly committed in its previous announcement to cover the losses with its own funds.
Binance has already set aside more than $6.34 billion in its own funds to cover this incident. Of this amount, $5 billion is already held in the same affected tokenized assets. We are finalizing the purchase of the remaining amount by acquiring tokenized assets through markets and over-the-counter (OTC) channels. We are doing this to match the nature of the remaining tokenized assets and fill any asset shortfall. This step may take longer, as some tokens may have low liquidity, and settling OTC transactions also takes time. We will share further updates as soon as possible.
These figures do not include frozen or protected assets, which remain subject to ongoing recovery and verification procedures. To date, $3 billion has been frozen, thanks to our industry partners. We are working with our partners and law enforcement to recover the frozen assets. We will continue to use company resources to cover any confirmed shortfall and provide further verified updates as recovery efforts progress. Ultimately, all user funds will be publicly verified through our Proof of Reserves.
We will get through this. Thank you for your support.
Source:
https://x.com/binance/status/2116121748555153621?a=DKgdpL87E-EDVJ9AfVM&s=46