The trading platform said in an update that Binance allocated more than $6.34 billion of company funds to cover losses resulting from a recent security incident, and has begun returning affected assets to users. This reserve exceeds Binance’s previous estimate of affected assets, which was about $6.3 billion, and does not include an additional $3 billion that was already frozen with the help of industry partners.
$5 billion already held in affected tokens
Binance said that $5 billion of the reserve is already held in the affected tokens themselves. The platform is acquiring the remaining amount, about $1.34 billion, through market channels and over-the-counter (OTC) trading, so it can reimburse users in the same tokens they lost. Binance explained that this step may take longer because some tokens have low liquidity and settling OTC trades takes time.
#binance
$5 billion already held in affected tokens
Binance said that $5 billion of the reserve is already held in the affected tokens themselves. The platform is acquiring the remaining amount, about $1.34 billion, through market channels and over-the-counter (OTC) trading, so it can reimburse users in the same tokens they lost. Binance explained that this step may take longer because some tokens have low liquidity and settling OTC trades takes time.
#binance