bitcoin
Binance begins buying back stolen altcoins using Bitcoin, Ethereum after $6.3B hack
Binance has begun buying back cryptocurrencies stolen in its $6.3 billion security breach, using company reserves and market purchases to replace affected assets in matching token amounts as investigators continue tracing the stolen funds.
As per of an October 30 company update, the exchange has reserved more than $6.34 billion to cover the incident, including $5 billion already held in the same cryptocurrencies that attackers transferred from its wallets. Binance is purchasing the remaining tokens through cryptocurrency exchanges and over-the-counter (OTC) trading desks. The company said some purchases could take longer because certain assets have limited liquidity, while privately negotiated OTC transactions require settlement.
Binance co-founder Yi He confirmed that the exchange was using its Secure Asset Fund for Users (SAFU) and existing cryptocurrency holdings to rebuild the affected balances. "Binance's SAFU fund and Binance's holdings include a large amount of assets such as BTC and ETH," she wrote.
