Binance, one of the world’s largest cryptocurrency exchanges, has announced plans to set aside $6.34 billion to cover assets stolen during a recent cyberattack, according to Premium Times Nigeria. In a video released on Friday evening, Binance CEO Changpeng Zhao (CZ) revealed that $5 billion of the reserved amount is already held in the same cryptocurrency tokens affected by the incident, including USDC, USDT, Bitcoin, Ethereum, and BNAB. According to CZ, this fund is intended to ensure the safety and integrity of users’ assets. This is a significant development in the world of cryptocurrency, and it remains to be seen how this move will impact the industry’s reputation and user confidence. It is also unclear when the facility began operating or if any users have yet to receive compensation for their losses. Premium Times Nigeria has not reported on any user compensation as of yet.
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