Binance Starts Token Buyback After $6.3B Security Breach

Binance has started buying replacement tokens for assets taken in its Oct. 29 security breach, using exchange trades and over-the-counter (OTC) deals to restore affected balances in matching amounts. Binance said Friday it had reserved more than $6.34 billion in company funds for the incident. The reserve already included $5 billion in affected tokens, and Binance is obtaining the remaining assets through market and OTC channels. Limited liquidity in some tokens and OTC settlement may slow completion. Binance co-founder Yi He said the exchange’s Secure Asset Fund for Users (SAFU) and company holdings include Bitcoin (BTC) and Ether (ETH).