Binance said it had reserved more than $6.34 billion in company funds to cover users’ losses after a security breach with an estimated $6.3 billion impact. Withdrawals were halted after the incident, and Binance gave no timeline for resuming normal operations.
The company said $5 billion of the reserved funds was already held in the affected tokens. It was buying the remaining tokens, but warned that low liquidity and settlement times could slow that process. Binance said partners had frozen $3 billion in assets, including more than $2.3 billion in stablecoins frozen by Tether and Circle; the frozen assets were not included in its reserve figure, and recovery work was continuing. An initial investigation pointed to a possible employee laptop compromise.
