Molly White
@molly0xfff@hachyderm.io
Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
![Tweet by Binance @binance Oct 30 Binance has begun [begun highlight] recovering [end highlight] 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 in the prior announcement. [begin highlight] Binance has already reserved over $6.34B of company funds to cover this incident. [end highlight] $5B of these funds are already held in the exact token assets that were impacted. We are completing the purchase of the remaining amount by buying token assets through market channels and OTC channels. We are doing this to match the format of the remaining token assets and address any asset shortfalls. This step can take longer because some tokens may have low liquidity and OTC settlement also takes time. We will share more progress as soon as we can. These figures do not include frozen or protected assets, which remain subject to ongoing recovery and verification. Currently, $3bn has been frozen, with thanks to our industry partners. We are working with partners and law enforcement to recover the frozen assets.We will continue to use company resources to cover confirmed shortfall and will provide further verified updates as recovery efforts progress. Ultimately, all user funds will be ve](https://media.hachyderm.io/media_attachments/files/117/541/984/429/284/706/original/9ac9ff3196abe39f.png)