Binance has begun recovering affected assets for its users, and has set aside more than $6.34 billion to cover losses from the incident.

Binance said in a statement that it has begun recovering affected assets for its users, and continues to collaborate with law enforcement agencies, asset issuers, blockchain intelligence firms, and industry partners to track, freeze, and recover additional funds. Binance added that the company has set aside over $6.34 billion to cover losses from the incident, with $5 billion already held in tokens identical to the affected assets. The remaining amount is being purchased via market channels and over-the-counter (OTC) platforms to match the token types of the remaining affected assets and fill the asset gap. Due to low liquidity of some tokens and the time required for OTC settlements, the related purchases may take an extended period. The above sum does not include assets that have already been frozen or protected, which are still under ongoing recovery and verification. To date, $3 billion in assets have been frozen, and Binance is working with partners and law enforcement to recover these funds. Binance stated that it will continue to deploy its corporate resources to cover confirmed funding gaps, and will release more verified information as recovery efforts advance. Ultimately, all user funds will be verified through a public proof-of-reserves mechanism.