Binance Sets Aside $6.34 Billion to Cover Record Crypto Hack Losses

record crypto hack — Binance has allocated $6.34 billion from its own reserves to cover losses from a record-breaking cryptocurrency hack, the exchange announced.

The funds are intended to make users whole following the security breach. Binance stated that approximately $3 billion of the stolen assets have been frozen through collaborative efforts with other exchanges and law enforcement agencies.

This financial commitment underscores the scale of the incident, which stands as one of the largest in crypto history. The exchange’s decision to use its own capital aims to maintain user trust and market stability in the aftermath of the attack.

Binance did not provide a specific timeline for the full recovery process but emphasized that user funds are its top priority. The exchange continues to work with authorities to track and recover the remaining stolen assets.