Zhao Says Binance Covered More Than $6 Billion in Hacking Losses With Its Own Funds
JH Kim
Summary
- Changpeng Zhao said Binance covered losses from the recent hack of more than $6 billion with the exchange’s own funds.
- Binance said it did not borrow money, sell assets, or raise outside capital to offset the losses.
- Changpeng Zhao said that while people are trying to compare the incident with other cases, there is a clear difference.
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Binance founder Changpeng Zhao said the exchange covered losses from a recent hacking incident of more than $6 billion using only its own funds, without raising outside capital.
In a post on X, formerly Twitter, on Nov. 2, Zhao said many people had overlooked one point: Binance absorbed the losses with funds from its own balance sheet.
Binance did not borrow money, sell assets or seek external financing to make up for the losses, he wrote.
He added that while people keep trying to compare the incident with other cases, there is a clear difference.
JH Kim
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