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Binance Pays Back 90% of Losses
Binance announced that it had allocated enough of its own financial resources to cover 90% of the assets affected by the hack, up from 80% in its previous update, and confirmed that users would not bear the losses. The attack, which targeted hot wallets on October 29, was estimated to have caused losses of around $6.3 billion. The platform said it had restored reserve coverage for ten major cryptocurrencies, including Bitcoin, Ethereum, and BNB. It clarified that compensation means providing replacement assets, not recovering the stolen coins. Around $3 billion in assets linked to the hack have been frozen, while efforts to trace the remaining assets and investigate the attack continue.
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