Binance says it holds $5B in matching tokens to cover hack losses

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 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.

Binance did not disclose when it acquired the assets.

Read more