Binance says it holds $5B in matching tokens to cover hack losses
The exchange said it set aside more than $6.34 billion to cover losses and would include the assets in its next proof-of-reserves report.
The exchange said it set aside more than $6.34 billion to cover losses and would include the assets in its next proof-of-reserves report.
Binance said Friday that had set aside more than $6.34 billion in company funds to cover losses from its hack, with $5 billion already in held in the same tokens stolen.
“The $5 billion is held in the exact token assets that are required. These assets are in Binance custody,” a Binance spokesperson told Cointelegraph.
Binance said it provides weekly reports on its company funds to the Financial Services Regulatory Authority (FSRA), the financial regulator of Abu Dhabi Global Market in the United Arab Emirates. The exchange said the requirement predated the hack.