Binance says users will not bear the financial losses from its recent security incident.
Richard Teng has confirmed that Binance has replenished around 90% of the affected assets and is committed to covering the remaining 10%.
Here are the key points:
More than $6.34 billion has been set aside to cover the losses.
The recovery uses SAFU funds, part of the Futures Insurance Fund, and Binance's corporate funds.
The remaining 10% consists mainly of less-liquid tokens that may take longer to acquire.
Binance says it will absorb the financial impact, not its users.
This is an important step in the recovery process. However, rebuilding user asset coverage is not the same as recovering all the stolen crypto.
Trust will depend on transparency, verifiable reserves, and the successful completion of the recovery.
Do you think Binance's response is helping rebuild user confidence?
#Binance #CryptoSecurity #SAFU $ARK $SOL $BTC
Richard Teng has confirmed that Binance has replenished around 90% of the affected assets and is committed to covering the remaining 10%.
Here are the key points:
More than $6.34 billion has been set aside to cover the losses.
The recovery uses SAFU funds, part of the Futures Insurance Fund, and Binance's corporate funds.
The remaining 10% consists mainly of less-liquid tokens that may take longer to acquire.
Binance says it will absorb the financial impact, not its users.
This is an important step in the recovery process. However, rebuilding user asset coverage is not the same as recovering all the stolen crypto.
Trust will depend on transparency, verifiable reserves, and the successful completion of the recovery.
Do you think Binance's response is helping rebuild user confidence?
#Binance #CryptoSecurity #SAFU $ARK $SOL $BTC
