Cryptocurrency exchange Binance has announced full compensation to customers for damages caused by a hacker attack on October 29. The platform allocated more than $6.34 billion of its own funds to return users' balances. The scale of the payouts shows how costly the consequences of one major hack can be, even for an international cryptocurrency platform.
To close the gap, Binance purchased the affected tokens on the open market and through over-the-counter transactions. In addition, the company drew resources from the SAFU protective fund, funds from the future insurance fund and corporate reserves. In this way, compensations were funded from several internal sources at once.
According to the exchange, users will be able to independently check the security of their assets in a ratio of at least one to one. For customers, the key result remains not a promise of payments, but the recovery of balances and the ability to verify that the site's liabilities are backed by real assets.
Ξeconomics.