Binance says has covered 90% of US$6.3bil hack losses
The cryptocurrency platform says it has set aside company funds to cover what was stolen in a huge hacking attack that investigators have linked to North Korea.
Cryptocurrency exchange Binance disclosed on Saturday that it had utilized company funds to purchase tokens, effectively covering 90% of the US$6.3 billion loss incurred in a significant hacking incident. Binance's statement on X reaffirmed its pledge to fully compensate for the financial repercussions of the stolen funds. The remaining 10% of tokens, deemed less liquid, may require more time to procure.
The exchange, the world's largest by daily trading volumes, had allocated over US$6.34 billion in company reserves to address the hack's losses. On Friday, Binance revealed it was addressing a "complex attack" involving multiple breach points. Law enforcement linked the hackers to North Korea. Cryptocurrency prices declined following the news of the cyberattack, and Binance temporarily halted user withdrawals, with resumption expected by Sunday.
The attack coincided with heightened concerns about AI models potentially undermining cryptography and IT security. President Donald Trump announced the US was investigating the hack, while the FBI stated it was collaborating with relevant public and private entities to assess the attack's scope and prepare for an investigation.
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- The $6.3bn Binance hack explained — 5 things you need to know techradar.com
- Binance says it has covered 90% of losses from $6.3 billion hack channelnewsasia.com
- FBI accuses North Korea of Binance hack abc.net.au
- Binance says has covered 90% of US$6.3bil hack losses freemalaysiatoday.com
- Binance recovers 90 percent of stolen assets from hack thehill.com
