Binance spends over $6.3 billion to compensate victims of major hack

Financial backing for loss reimbursement

Crypto exchange Binance has confirmed that it has directed over $6.34 billion of its own funds to cover the consequences of a large-scale hack. According to the company, approximately $5 billion of this amount is already held in the form of the same tokens that were stolen from the platform. The exchange is actively purchasing the remaining funds on the open market and through over-the-counter (OTC) deals to ensure full reimbursement of losses in the specific digital currencies affected by the incident.

Status of search and recovery of stolen funds

It is known that approximately $3 billion of the stolen funds have already been frozen. Binance representatives emphasise that they are cooperating with law enforcement agencies to recover these assets. The restitution process for users affected by the breach has already begun.

Obstacles to rapid payouts

Returning assets to clients may take longer than expected. The main reasons for the delays are cited as the low liquidity of certain digital assets and the specifics of settlements for large transactions, which do not occur instantly. In parallel with the payouts, the exchange continues to search for, freeze, and recover the remainder of the stolen funds.