Following the huge $6.4bn heist, Binance announced that it would cover all user losses. That sounds reassuring for those affected, but especially for users with significant sums at stake there are still important questions about what happens next and what steps they should be taking now.

In the video below, I look at what affected users, particularly those with substantial holdings, should be thinking about at this stage. I also consider what Binance’s commitment to cover losses could mean in practice, including some of the complexities around replacing crypto assets, and the next steps as the position continues to develop.

For anyone materially affected, the important point is not simply to assume that Binance’s announcement resolves everything. The nature of the assets involved and the way in which any losses are ultimately addressed may make a difference to an individual user’s position. Those with significant exposure should therefore consider their own circumstances carefully and understand what options may be available to them.