‘Binance will absorb impact, not users’: Crypto giant sets aside $6.34 bn to cover losses
Binance, a major cryptocurrency exchange, has committed to covering a $6.3 billion loss from a recent crypto theft, assuring users they will not be impacted. The company has set aside $6.34 billion from its Secure Asset Fund for Users (SAFU) and corporate treasury, and has already replaced 80% of the stolen tokens. Binance is also working with law enforcement to freeze $3 billion of the stolen assets and restore withdrawal services in phases.
Why it matters
This event highlights the ongoing security risks in the cryptocurrency market but also demonstrates a major exchange's commitment to user protection, which could impact user trust and regulatory perceptions of the crypto industry.
After facing a major crypto theft, Binance has assured users that they won’t lose money over the breach.The exchange is covering the $6.3 billion loss from its own funds, setting aside more than $6.34 billion to make up for the stolen assets. It has already replaced around 80 per cent of the stolen tokens and is working to restore withdrawal services in phases.So far, Binance has bought back $5 billion worth of the stolen cryptocurrencies, including USDC, USDT, Bitcoin (BTC), Ether (ETH) and BNB. It is now working on getting the remaining tokens back through market and OTC purchases."This means that we have already covered approximately 80% of the impacted amount.
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