Binance confirms $6.34 billion hack losses fully covered, expands reserves snapshot

Binance has announced that it has fully covered user assets affected by a recent $6.34 billion security breach, deploying its own resources to restore impacted funds. The exchange has also unveiled a significant upgrade to its Proof of Reserves mechanism, now covering a broader range of cryptocurrencies. The breach, which took place on October 29, resulted in the unauthorized removal of approximately $6.34 billion in assets from Binance’s platform. Following the incident, Binance temporarily suspended withdrawals as it launched an internal investigation to trace the source and impact of the attack.