Binance Issues New Announcement Regarding the Hack – When Will Withdrawals Resume?

Binance, one of the world's largest cryptocurrency exchanges, has announced a comprehensive compensation plan to safeguard user assets following a $6.3 billion cyberattack. The exchange stated it has allocated over $6.34 billion in corporate funds to cover the full extent of losses resulting from the attack and has begun replacing affected cryptocurrency assets. According to an update shared by Binance today, approximately $5 billion of the allocated funds consist of the same assets as the cryptocurrencies affected by the attack. The company plans to cover the remaining approximately $1.34 billion through market transactions and over-the-counter (OTC) purchases.