Binance arranges $6.34 billion to cover losses from record crypto hack

Binance said it reserved its own funds to cover the $6.3 billion hack, including freezes of roughly $3 billion in stolen assets.
This story was originally published by CoinDesk.

Binance said it reserved its own funds to cover the $6.3 billion hack, including freezes of roughly $3 billion in stolen assets.
This story was originally published by CoinDesk.
Binance has allocated $6.34 billion to cover hack losses, while industry partners have frozen another $3 billion in affected assets.
Israel's Supreme Court ruled that exploiting a coding flaw can count as computer intrusion, even when the software allowed the transaction.
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.
Elon Musk’s keyboard warrior persona has drawn a public response from Binance co-founder Changpeng Zhao (CZ), who called out unhelpful comments from the Tesla founder and X owner as crypto’s largest…
Just as Hyperliquid opened the door to a fully regulated perps offering inside the U.S., Binance suffered the biggest hack in crypto history.
Both firms blame the group behind the Bybit hack, as Binance says it has set aside $6.34 billion of its own funds to cover user losses.