Binance says has covered 90% of US$6.3bil hack losses

Cryptocurrency exchange Binance disclosed on Saturday that it has utilized company funds to repurchase tokens, replenishing 90% of the US$6.3 billion stolen in a significant hacking incident. The platform, which is the world's largest by daily trading volume, stated that its commitment is to fully cover the financial impact of the stolen funds.

The remaining 10% of tokens are less liquid, potentially requiring a longer time to source the necessary amounts. Binance has allocated over US$6.34 billion in company reserves to cover the losses from the hack. Initially, the company was working to resolve what it described as a "complex attack" involving multiple breach points.

Cybersecurity investigators attributed the attack to hackers believed to be linked with North Korea. Following the incident, Binance suspended user withdrawals; however, it stated that the suspension should be lifted by Sunday. The hacking incident occurred amid growing concerns over the potential vulnerability of cryptography and IT security protocols to increasingly advanced artificial intelligence models.

President Donald Trump announced on Friday that the United States was investigating the hack, while the FBI confirmed it was collaborating with relevant public and private entities to assess the extent of the breach and prepare for any necessary investigations.