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 North Korea's state-sponsored unit, TraderTraitor, as the perpetrator behind a massive hack that stole over $6.3 billion from the crypto exchange Binance. To cover the losses, Binance has managed to replace 90% of the stolen assets using company funds to purchase new tokens. The remaining 10% consists of less liquid tokens, which may take longer to acquire.
Binance's co-CEO, Richard Teng, reassured users that their funds would not bear the financial impact of the incident. The breach involved a compromised laptop and malicious software designed to erase evidence, making it challenging to trace and investigate. Binance has set aside around $6.34 billion in company funds to cover the losses, using part of its Secure Asset Fund for Users, a bitcoin reserve, and other funds to re-buy the stolen tokens.
Users holding 10 listed tokens can verify that their assets have been backed at a minimum 1:1 ratio.
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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
