Hacking News
Binance Restores Stolen Crypto Through OTC Deals
Binance, the cryptocurrency exchange, has started replacing crypto assets affected by a $6.3 billion hack. The exchange has set aside more than $6.34 billion in company funds to cover the losses. About $5 billion of this amount is already available in the exact cryptocurrencies affected by the hack. Binance is buying the remaining tokens through regular market trading and over-the-counter (OTC) deals, ensuring that users' affected assets are replaced with the same cryptocurrencies. However, the process may take time due to low trading activity and delays in OTC transactions. Binance is also working with law enforcement, crypto projects, and other industry partners to trace and recover the stolen funds. The exchange has already frozen about $3 billion in assets, which is separate from the $6.34 billion set aside for user losses.