Binance Says It Will Cover $6.3 Billion in Security Incident Losses

Binance will cover $6.3 billion in losses from a recent security incident, Chinese community lead Sisi said, as the exchange says it has rebuilt affected wallet systems and completed security fixes. Sisi said user assets remained on the platform and Binance had not used them. After withdrawals reopened, Binance met demand on a scale comparable to the stolen amount, she said. Binance said frozen or intercepted funds would be tracked for recovery with law enforcement and on-chain firms. As of Nov. 3, the affected wallet system had been rebuilt in a new environment.