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Binance to use over US$6.34 billion of its own funds to cover losses from cybersecurity incident

TechnologyInternationalPortafolio40 s readAI summary
Image: Portafolio

Binance will allocate more than US$6.34 billion to cover losses from the security incident that compromised one of its hot wallets, according to Richard Teng, co-CEO of the platform. Teng said the company will cover the resources with its own funds and that customer assets were not affected. Binance already holds US$5 billion in the compromised tokenized assets, including USDC, USDT, bitcoin, ether and BNB, and is acquiring the rest in the market and through OTC channels. Withdrawals will remain suspended until security tests are completed.

In 40 seconds

  • Binance will allocate more than US$6.34 billion of its own resources to cover the incident's losses.
  • Teng said customer funds were not affected and that the company never uses them.
  • The company already holds US$5 billion in the compromised assets and is buying the rest on the market and via OTC.
Read the full story at Portafolio

IASummary generated by artificial intelligence from a story by Portafolio. It may contain errors: the original source prevails.

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