Key facts
- Binance has allocated over $6.34 billion to cover losses from a recent hack.
- $5 billion of the allocated funds are held in the exact token assets stolen.
- The exchange stated these holdings will be included in its next proof-of-reserves report.
- Approximately $3 billion of the stolen assets have been frozen with the help of blockchain partners.
- The hack, which occurred on Thursday, resulted in the largest cryptocurrency theft on record at $6.3 billion.
Binance announced on Friday that it has allocated over $6.34 billion in company funds to cover losses from a recent hack, with $5 billion already secured in the exact token assets that were stolen. A spokesperson for the exchange confirmed that these assets are in Binance's custody and will be included in the upcoming proof-of-reserves report. The exchange stated that the requirement to hold these assets predated the hack and that it provides weekly reports on its company funds to the Financial Services Regulatory Authority in Abu Dhabi. Approximately $3 billion of the affected assets have been frozen with the assistance of blockchain partners and excluded from the funds set aside for loss coverage. The hack, which occurred on Thursday, resulted in the largest cryptocurrency theft on record, with $6.3 billion stolen across 10 blockchains.