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

Publisher
Cointelegraph (News media)
Original
https://cointelegraph.com/news/binance-5-billion-replacement-crypto-in-custody
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Claims quoted from this source

ReportedreservesStatement 357

Cointelegraph reported that CertiK CEO Ronghui Gu estimated that about $3 billion in frozen assets and Binance's $1.17 billion emergency fund could cover about 66% of the losses, leaving a potential $2.1 billion gap.

that approximately $3 billion in frozen assets and Binance’s $1.17 billion emergency fund could cover about 66% of the reported losses, leaving a potential $2.1 billion gap.

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Cointelegraph (News media)
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Binance says it holds $5B in matching tokens to cover hack losses
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ReportedreservesStatement 471

Cointelegraph reported Binance's exchange reserves as $165 billion, including assets backing customer balances.

$165 billion in exchange reserves. Those reserves include assets backing customer balances.

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Cointelegraph (News media)
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ReportedreservesStatement 472

Cointelegraph reported that CertiK CEO Ronghui Gu said the estimated gap represented about 1.3% of a Binance reserves figure, which the article gives as $165 billion.

Gu said the estimated gap represented about 1.3% of Binance’s

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Cointelegraph (News media)
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ReportedreservesStatement 358

Cointelegraph reported that Nansen said it could not verify what funds Binance had available beyond its roughly $1.16 billion emergency fund.

Blockchain analytics company Nansen told Cointelegraph that it could not verify what funds Binance had available beyond its roughly $1.16 billion emergency fund or where the money to cover the remaining losses would come from.

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Cointelegraph (News media)
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ReportedreservesStatement 359

Cointelegraph reported that CertiK said it needed more information from Binance to assess whether the claimed $5 billion in matching tokens could be independently verified on-chain.

CertiK told Cointelegraph that it needed more information from Binance to assess whether the claimed $5 billion in tokens matching those stolen could be independently verified on-chain.

Speaker
CertiK
Publisher
Cointelegraph (News media)
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ReportedreservesStatement 360

Cointelegraph reported that Changpeng Zhao said Binance's SpaceX holdings alone were worth more than $1 billion.

the company’s SpaceX holdings alone, linked to a $500 million investment in Elon Musk’s Twitter takeover, were worth more than $1 billion.

Speaker
Changpeng Zhao
Publisher
Cointelegraph (News media)
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ReportedreservesStatement 361

Cointelegraph reported that Yi He said the exchange's revenue for the year was sufficient to cover the hack losses and that Binance did not need to sell its SpaceX stake.

that the exchange’s revenue for the year was sufficient to cover the hack losses and that the company did not need to sell its stake in SpaceX.

Speaker
Yi He
Publisher
Cointelegraph (News media)
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ReportedreservesStatement 362

Cointelegraph reported that Changpeng Zhao said Gulf, Binance's partner in Thailand, had offered financial support.

he said Gulf, Binance’s partner in Thailand, had offered financial support.

Speaker
Changpeng Zhao
Publisher
Cointelegraph (News media)
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ReportedreservesStatement 363

Cointelegraph quoted a Binance spokesperson as saying the $5 billion is held in the exact token assets required and is in Binance custody.

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

Speaker
Binance spokesperson
Publisher
Cointelegraph (News media)
Original
Binance says it holds $5B in matching tokens to cover hack losses
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