Binance says it holds $5B in matching tokens to cover hack losses

Binance said Friday that had set aside more than $6.34 billion in company funds to cover losses from its hack, with $5 billion already in held in the same tokens stolen.

“The $5 billion is held in the exact token assets that are required. These assets are in Binance custody,” a Binance spokesperson told Cointelegraph.

Binance did not disclose when it acquired the assets.

The spokesperson declined to disclose the wallet addresses, citing security reasons, but said that the holdings would appear in the exchange’s next proof-of-reserves report, which shows the assets it holds to back customer balances.

Binance said it provides weekly reports on its company funds to the Financial Services Regulatory Authority (FSRA), the financial regulator of Abu Dhabi Global Market in the United Arab Emirates.