Binance Hack: How the Exchange Plans to Pay Back $6.3 Billion

TLDR Binance said it set aside more than $6.34 billion in company funds to cover losses from a $6.3 billion hack, the largest crypto theft on record. About $5 billion is held in the same tokens that were stolen, and the exchange plans to buy the rest on public markets and over the counter. Binance said about $3 billion in affected assets has been frozen and is not counted in the set-aside funds. TRM Labs and Chainalysis linked the attack to North Korean hacking group TraderTraitor. Deposits remain open and withdrawals are paused while security checks finish. Binance said Friday that it had set aside more than $6.34 billion in company funds to cover losses from its hack.

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