Saylor backs Binance recovery after its $6.3 billion hack. Specifically, Strategy’s Executive Chairman expressed confidence in the exchange.
Binance has reserved more than $6.34 billion in company funds. That money will replace affected assets.
Saylor backs Binance recovery with public support
Saylor posted on X on October 30. He quoted Binance’s latest asset-recovery announcement. Then he shared his view.
“Binance has committed its own balance sheet to making customers whole,” Saylor wrote. “I expect it to deliver.” He added that the industry will learn from the incident. It will also strengthen security and emerge more resilient.
However, Saylor did not announce a financial contribution from Strategy. He also did not detail Strategy’s exposure to Binance.
Binance reserved funds to replace affected tokens
Binance’s recovery update confirms the amount. Over $6.34 billion in company funds is set aside. Of that total, $5 billion sits in the exact cryptocurrencies affected.
Binance is buying the remaining tokens through market transactions. It also uses over-the-counter channels. This matches missing assets and covers shortfalls.
Some purchases may take longer. Certain tokens have limited liquidity. Meanwhile, OTC transactions need time to settle.
Binance has begun buying back stolen altcoins. Co-founder Yi He said available holdings include Bitcoin and Ethereum. SAFU resources are also included. Nevertheless, Binance has not disclosed how much BTC or ETH it will sell. It also has not published individual token purchase amounts.
Frozen assets remain separate from replacement funds
Binance said its company allocation excludes frozen assets. Those assets remain subject to recovery and verification. The exchange’s latest frozen total is about $3 billion.
Two processes run alongside each other. First, Binance buys replacement assets with company resources. Second, it works with authorities to retrieve affected funds.
Binance will continue using its own resources. It will cover confirmed shortfalls and provide updates. Customer holdings will be publicly verified through proof-of-reserves reporting.
The distinction between frozen and recovered funds remains important. Binance has not called the entire frozen balance money already returned.
Deposits normal, withdrawals suspended
Binance’s security notice says deposits work normally. Withdrawals remain suspended. Security checks and changes to the withdrawal service are still ongoing.
An official update gave an expected resumption window of 48 hours. Binance promised a detailed technical postmortem. That will come after its investigation establishes the facts.
Key takeaway
Saylor backs Binance recovery with public confidence. Binance reserved over $6.34B in company funds. However, frozen assets remain separate. Therefore, traders should watch the proof-of-reserves report and withdrawal resumption.
