Binance: Token Recovery Efforts Underway
CZ Binance stated that Binance token recovery has already begun, noting the exchange accumulates all listed tokens through user trading fees paid in those coins while it has reserved over $6.34B to cover losses from the incident.
SourceAnalysis
Seems token recovery already began. Binance users pay trading fees in the coins they trade, so the exchange naturally accumulates all tokens it lists. Binance has begun recovering affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds. The company has already publicly committed to cover losses through company funds and has reserved over $6.34B of company funds to cover this incident, with $5B already held in the exact token assets impacted. Currently $3bn has been frozen with thanks to industry partners. Your funds are SAFU.
CZ_BNB
@cz_binanceFounder and former CEO of Binance, the world's largest cryptocurrency exchange. Shares insights on cryptocurrency adoption, blockchain technology development, and personal perspectives on building in the Web3 space, while navigating regulatory challenges and industry evolution.