Binance Reserves $6.34 Billion to Cover Hack Losses

Cryptocurrency exchange Binance has reserved over $6.34 billion in company funds to cover losses from a hack that affected its operational wallets. The hack, which occurred on October 29, resulted in the theft of nearly $6.3 billion in various cryptocurrencies. Binance has assured users that their assets are safe and that the company will replace all stolen assets using its own funds. The exchange has already reserved $5 billion in the affected cryptocurrencies and is purchasing the remaining $1.34 billion through markets and over-the-counter deals. Withdrawals remain paused as Binance works to restore its systems and recover stolen funds.