Binance has begun to recover affected assets, reserving over 6.34 billion USD

According to a post by Binance, the platform has begun to recover affected assets for users and continues to work with law enforcement, asset issuers, blockchain intelligence companies, and industry partners to track, freeze, and recover more funds.

Binance stated that the company has set aside over $6.34 billion to cover the losses caused by this incident, of which $5 billion is held in tokens that are identical to the affected assets. The remaining portion is being purchased through market channels and over-the-counter (OTC) channels to match the types of tokens for the remaining affected assets and to fill the asset gap. Due to the low liquidity of some tokens and the time required for OTC settlements, the related purchases may take a long time. The aforementioned amount does not include assets that have been frozen or are protected, as these assets are still being recovered and verified.

Currently, $3 billion in assets have been frozen, and Binance is working with partners and law enforcement to recover the related assets. Binance stated that it will continue to use company resources to cover the confirmed funding gap and will publish more verified information as the recovery work progresses. Ultimately, all user funds will be verified through publicly available reserve proof.