Binance: Over $6.34 Billion in Corporate Funds Reserved to Cover Losses from This Incident

Odaily reports: Binance has stated that it has begun restoring affected assets for users and continues to work with law enforcement, token issuers, blockchain intelligence firms, and industry partners to trace, freeze, and recover additional funds.

Binance has reserved over $6.34 billion in corporate funds to cover losses from this incident, of which $5 billion is already held in the same types of affected tokens, with the remainder being purchased through market and OTC channels to replenish the corresponding tokens. Due to the low liquidity of some tokens and the time required for OTC settlement, this step may take longer. The above amount does not include frozen or protected assets; approximately $3 billion has been frozen so far, and Binance is working with partners and law enforcement to advance recovery efforts.

Binance will continue to deploy corporate resources to cover the confirmed shortfall, and ultimately all user funds will be publicly verifiable through Proof of Reserves.