May 27, 2019 04:13 UTC
| Updated:
May 28, 2019 at 13:02 UTC
Full Refund For Customers: Says Binance
After the major security breach that Binance suffered this month, the exchange has been working hard to do some damage control. Reportedly, 7000 BTC was stolen amounting to almost US$40 million.
CEO Changpeng ‘CZ’ Zhao quickly took to Twitter post the event, claiming that things were under control. Despite such a major hack, he pacified customers by saying that all the BTC that had been lost would be replenished from their reserve of Bitcoin, which has been evaluated at $2 billion.
CZ tweeted:
“Thanks for the support, really appreciate it. But currently no need. We will cover the loss from the #SAFU [safe asset funds] fund, there is enough. We are hurt, but not broke.”
The big news is that Binance is in a comfortable position to offer all their customers a full refund. The reserve account that they have for BTC, possesses more than enough to supplement the depleted resources.
Additionally, other crypto heavyweights have publicly offered to help out Binance. One such example is that of Tron’s Justin Sun, offering to store the comparable assets to cover the misfortunes.
Thus the exchange has assured that although a security breach did take place, no one is the worse for it.
Sumedha Bose
Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time.
