Binance Arranges $6.34 Billion to Cover Losses From Record Crypto Hack

Binance has set aside its own funds to cover losses from a crypto hack valued at about $6.3 billion, which the exchange describes as record-breaking. The company has also frozen roughly $3 billion of the stolen assets. The reserved funds are meant to make affected users whole, with the exchange drawing on its own capital rather than customer deposits. The article provides limited detail on the timing and method of the attack. The hack underscores the scale of recent security breaches across the cryptocurrency sector.