Binance says it has covered $6bn of $6.3bn stolen in hack; FBI says North Korean group behind crypto theft

Binance, the world's largest cryptocurrency exchange, has covered $6 billion of the $6.3 billion stolen from its platform in a recent hack, using company funds to purchase replacement tokens. The attack, attributed to a North Korean state-sponsored unit called TraderTraitor, is reportedly the largest financial heist in history. Binance has been working with partners to freeze affected assets, with approximately $3 billion located as of Friday.

The company has used parts of its Secure Asset Fund for Users (Safu) and Futures Insurance Fund, along with its corporate treasury, to cover the financial impact of the stolen funds. Co-CEO Yi He revealed that 50% of the Safu funds would be utilized to restore the fund to around $1 billion. Crypto prices dropped following the hack, and Binance reassured customers that their funds were safe.

The exchange temporarily halted withdrawals but expects them to resume on Sunday. Binance has allocated around $6.34 billion in company funds to cover the losses and has taken a new snapshot of assets held on the platform, ensuring a minimum 1:1 ratio backing for users holding 10 listed tokens.