Binance has begun compensating customers for losses following a $6.3 billion hack

The cryptocurrency exchange Binance has begun returning assets to users who were affected by a large-scale cyberattack. 

The company has promised to cover confirmed losses using its own funds.

 “Binance has begun the process of returning assets to affected users,” the statement said.

The company stated that it has set aside more than $6.34 billion to compensate for the losses. Of this amount, $5 billion is already held in the same tokens that were affected by the attack. Binance plans to acquire the remaining assets through exchange and over-the-counter channels.

The company also reported that, with the help of its partners, it has managed to freeze $3 billion in assets. It is currently working with law enforcement and blockchain analysts to recover them.

Binance warned that the compensation process may take some time due to the low liquidity of certain tokens and the specifics of over-the-counter settlements.

Source: Binance on social media platform X

Hackers stole $6.3 billion worth of digital assets from the Binance cryptocurrency exchange, marking the world’s largest cryptocurrency heist. 

The Binance cryptocurrency exchange has temporarily suspended all deposit and withdrawal operations due to an investigation into a potential security incident. The company stated that it is conducting audits and working to resolve the issue.

Tether and Circle have frozen more than $2.38 billion in stablecoins after the Binance cryptocurrency exchange reported an investigation into a potential security issue.