Binance says it has covered 90% of losses from $6.3 billion hack
The FBI on Saturday said the North Korean state-sponsored unit known as TraderTraitor was responsible for the attack.
The FBI has identified the North Korean state-sponsored group TraderTraitor as the perpetrator behind a major hack of the popular crypto exchange Binance. Binance reported that it had managed to cover 90% of the losses incurred from the record $6.3 billion cyberattack by using its own funds to purchase new tokens. The remaining 10% of the stolen assets are less liquid, which may take longer to acquire.
Binance's co-CEO, Richard Teng, assured users that their funds would not suffer financially due to the incident. The exchange had previously halted withdrawals to investigate the attack, which experts and the FBI attributed to North Korea. Binance had set aside $6.34 billion of its own funds to cover the losses, utilizing a portion of its Secure Asset Fund for Users (SAFU) and other reserves.
The exchange also conducted a new asset verification process to ensure customers' funds were protected at a 1:1 ratio for ten listed tokens.
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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
- Binance says has covered 90% of US$6.3bil hack losses freemalaysiatoday.com
- Binance recovers 90 percent of stolen assets from hack thehill.com
