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Binance said it has urgently earmarked $6.34 billion in company funds in response to a hot wallet breach and has begun fully reimbursing affected user assets.
In an official statement, the exchange said user losses would be covered 100% with company capital, as previously announced. Binance added that $5 billion of the allocated funds has already been secured in the form of the same token assets affected in the incident.
For the remaining shortfall, Binance said it is directly purchasing the affected tokens on exchange and through OTC channels to match the assets on a one-to-one basis, with purchases to be completed in stages in consideration of liquidity and settlement schedules. The $3 billion in assets frozen on-chain through coordination with industry partners and issuers is not included in the allocation, Binance said.
Binance added it is working with U.S. judicial authorities and blockchain forensics firms to recover the frozen assets, and said it would use its proof-of-reserves system to transparently verify the full soundness of customer assets once all recovery procedures are complete.