WuBlockchain
Binance says it has reserved more than $6.34 billion in company funds to cover losses from the hack. The total includes $5 billion already held in affected tokens, with the remaining tokens being purchased through market and OTC channels.
Why it matters
The recovery effort depends partly on acquiring tokens in markets where liquidity is limited. Binance says that could make the remaining purchases take longer. The reserve is separate from approximately $3 billion in frozen assets.
Market impact
Binance says it will publicly verify user assets through its Proof of Reserves. The company has not provided a timeline for completing the remaining token purchases.
Frequently asked questions
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How much has Binance reserved to cover the hack losses?
Binance says it has reserved more than $6.34 billion in company funds to cover losses.
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How much of the reserve is already held in affected tokens?
The reserve includes $5 billion already held in affected tokens.
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How is Binance acquiring the remaining affected tokens?
Binance says it is purchasing them through market and OTC channels.
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Why could the remaining token purchases take longer?
Binance says limited liquidity may slow the remaining purchases.
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Are the reserved funds part of the frozen assets?
No. Binance says the reserve is separate from approximately $3 billion in frozen assets.
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