Binance covers $6.34 billion hack with company funds, reserves unverified
AI summary
Binance says it has fully covered a $6.34 billion theft on Oct. 29 using its SAFU futures insurance fund and treasury, leaving users whole. The exchange also published a 198-token proof-of-reserves snapshot that users cannot yet independently verify. A hack of this size at the largest exchange is a confidence hit for crypto markets, and the unverifiable reserves add lingering counterparty doubt for traders.
