Binance: Has begun recovering affected assets for users, with over $6.34 billion reserved to cover incident losses.

BlockBeats news, October 30: Binance has announced that it has begun recovering affected assets for users and continues to work with law enforcement, asset issuers, blockchain intelligence firms, and industry partners to trace, freeze, and recover more funds.

Binance stated that the company has earmarked over $6.34 billion to cover losses from this incident, of which $5 billion is already held in tokens exactly matching the affected assets. The remaining portion is being purchased through market channels and over-the-counter trading channels to match the token types of the remaining affected assets and cover the asset shortfall. Due to the low liquidity of some tokens and the time required for over-the-counter settlement, the related purchases may take longer. The above amounts do not include assets that have been frozen or protected, which are still being continuously recovered and verified.

Currently, $3 billion in assets have been frozen, and Binance is working with partners and law enforcement to recover the related assets. Binance stated that it will continue to use company resources to cover the confirmed funding shortfall and will publish more verified information as the recovery work progresses. Ultimately, all user funds will be verified through public proof of reserves.