Binance $6.3B Hack: '90% Replenished' Means Bought Back, Not Recovered
Binance has promised that users won't pay for the $6.3 billion theft. What backs that promise is not its $1 billion user protection fund but the company's own treasury. Binance says it has replenished 90 percent of the roughly $6.3 billion stolen from its platform in the largest crypto theft on record, and that it will cover the rest. The word doing the work there is "replenished." Binance has not clawed most of the money back from the hackers. It has spent its own money buying replacement tokens on the open market to refill the wallets that were drained. That distinction matters for anyone judging what this incident says about keeping assets on a centralized exchange. By Binance's account, users are being made whole. But the thing protecting them is not a recovery process or an insurance policy. It is the balance sheet of the world's largest exchange. Replenished is not recovered CNBC put it plainly: covering 90 percent of the stolen token assets ...