Binance says it holds $5B in matching tokens to cover hack losses
CointelegraphCointelegraph by Helen Partz
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 it 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. The spokesperson declined to disclose the wallet addresses, citing security reasons, but said that the holdings would appear in the exchange’s next proof-of-reserves report, which shows the assets it holds to back customer balances.
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