Binance said it has set aside more than $6.34 billion in company funds to cover losses caused by the attack and is buying missing tokens through market and over-the-counter channels.
The statement, reported by Wu Blockchain, revealed the funds allocated after the exchange’s earlier pledge to cover the damage caused by the attack. According to Binance’s statement, $5 billion of this amount consists of tokens affected by the attack that the company already holds.
Purchases of missing tokens continue
Binance is obtaining the remaining tokens both from the market and through OTC channels, where buyers and sellers trade outside the exchange’s order book. However, limited liquidity in some tokens is making it difficult to acquire the required amounts quickly. The exchange said purchases could therefore take longer to complete.
Approximately $3 billion in frozen assets kept separate
The company funds set aside to cover the losses are being kept separate from the approximately $3 billion in assets frozen in connection with the attack. Binance has thus also disclosed the amount it allocated from its own resources to cover the losses.
The exchange also said it would publicly verify user assets through its Proof of Reserves (PoR) system. The announcement also outlined the step to be taken to show how user balances are backed following the attack.
Not investment advice.