🚨 Binance covers the entire cost of the hack… more than $6.34 billion!
Binance announced that it had fully covered the losses related to the recent hack, after spending more than $6.34 billion.
According to the announcement, the platform relied on several measures, most notably:
- Buying the affected tokens from the market.
- Using its own funds and insurance funds.
- Updating its Proof of Reserves report to confirm that users’ assets are covered.
💡 The key message: Binance is trying to reaffirm its ability to protect users’ funds and maintain market confidence despite security crises.
But the question remains: Is proof of reserves enough to fully restore market confidence?
#Binance #CryptoNews #CryptoSecurity
⚠️ News and analysis, not financial advice.
Binance announced that it had fully covered the losses related to the recent hack, after spending more than $6.34 billion.
According to the announcement, the platform relied on several measures, most notably:
- Buying the affected tokens from the market.
- Using its own funds and insurance funds.
- Updating its Proof of Reserves report to confirm that users’ assets are covered.
💡 The key message: Binance is trying to reaffirm its ability to protect users’ funds and maintain market confidence despite security crises.
But the question remains: Is proof of reserves enough to fully restore market confidence?
#Binance #CryptoNews #CryptoSecurity
⚠️ News and analysis, not financial advice.