Angela Christy / Reuters : Binance says it has covered 90% of its hack losses, having set aside $6.34B+ of company funds; the remaining 10% is in less liquid tokens — Cryptocurrency exchange Binance said on Saturday that it was able to cover 90% of the amount stolen during its recent hack.
Binance says it has covered 90% of its hack losses, having set aside $6.34B+ of company funds; the remaining 10% is in less liquid tokens (Angela Christy/Reuters)
In short
The exchange revealed that it has successfully covered 90% of the financial damages resulting from a recent cyberattack. Management allocated over $6.34 billion of its own capital to make up for the stolen assets. The outstanding 10% of the affected balance is tied up in less liquid tokens. No specific timeline has been disclosed regarding when the remaining losses will be fully resolved.
Key points
- The platform has mobilized billions in corporate funds to absorb the majority of the brea…: The platform has mobilized billions in corporate funds to absorb the majority of the breach.
- Full resolution remains incomplete as illiquid tokens account for the final 10% of losses.: Full resolution remains incomplete as illiquid tokens account for the final 10% of losses.
- Customers and observers have not been given a definitive schedule for closing the remaini…: Customers and observers have not been given a definitive schedule for closing the remaining deficit.