Michael Saylor Backs Binance’s $6.34 Billion Recovery Plan

Binance has confirmed it set aside $6.34 billion in company capital to cover the losses, with $5 billion already held in the specific cryptocurrencies impacted by the exploit. The exchange is currently acquiring the remaining tokens through over-the-counter channels and open market trades. While Binance co-founder Yi He indicated that holdings from the Secure Asset Fund for Users are being utilized, the company has not disclosed the specific volume of Bitcoin or Ethereum being liquidated to finance these buybacks.

Operational recovery remains ongoing. Deposits are currently functional, though withdrawals are suspended while the exchange executes a comprehensive security overhaul. Binance expects to restore full withdrawal services within a 48-hour window. The breach, which experts at TRM Labs traced to North Korea’s TraderTraitor group, appears to have originated from a compromised DevOps engineer’s laptop. Investigators noted that the attackers moved rapidly, draining nearly $3.79 billion in Ethereum alone within a 20-minute span on October 29. Even as Binance pursues these replacement efforts, the firm maintains that recovered assets will remain separate from the company-funded reimbursement pool, with final verifications to be published via their proof-of-reserves reporting.