Binance announced Friday that it has set aside more than $6.34 billion in company funds to cover losses from a security hack, with $5 billion already held in the same tokens that were stolen.
A Binance spokesperson confirmed to Cointelegraph that "the $5 billion is held in the exact token assets that are required" and are in Binance's custody. The exchange did not disclose when it acquired these replacement assets.
The spokesperson declined to reveal wallet addresses for security reasons but said the holdings would be included in Binance's next proof-of-reserves report, which documents assets backing customer balances.
Binance confirmed that it had suffered a $6.3 billion hack on Thursday, described as the largest cryptocurrency theft on record. Blockchain intelligence firm TRM Labs identified funds being drained from Binance wallets across 10 blockchains and attributed the attack to the North Korean hacking group TraderTraitor.
About $3 billion in affected assets have been frozen with assistance from blockchain partners and were excluded from the company funds allocated to cover losses.
The exchange provides weekly reports on its company funds to the Financial Services Regulatory Authority, the financial regulator of Abu Dhabi Global Market in the United Arab Emirates. Binance said this reporting requirement predated the hack.
The exchange has not yet confirmed which additional tokens it needs to purchase, the timeline for completing those purchases, or how much stolen cryptocurrency has been recovered.
