Crypto firm Binance covers 90% of losses after $6.3bn hack
Binance, the world’s largest cryptocurrency exchange, says it has covered 90% of the $6.3bn (£4.7bn) assets stolen in a hack on Thursday. The remaining 10% may take longer to source in the required amounts, the company added. Binance has consistently pledged to cover 100% of the losses from what is suspected to be crypto’s biggest […]
Binance, the world's largest cryptocurrency exchange, has covered 90% of the $6.3 billion in assets stolen in a recent hack. The remaining 10% may take longer to source the necessary funds, the company stated. Despite suspicions of the largest hack on record, Binance has pledged to cover 100% of the losses and has set aside over $6.34 billion in company funds for this purpose.
The exchange assured users that it would absorb the financial impact, not the users themselves, in a statement on Saturday. Investigations reveal that the Federal Bureau of Investigation (FBI) has identified North Korea as the responsible party for the hack. Two analytics firms, based on robust intelligence, have attributed the hack to the North Korean state-backed hacking unit, Lazarus Group, also known as TraderTraitor, which the FBI has specifically named as the likely culprits.
Binance replenished the stolen assets using various funds and its own corporate treasury, ensuring that all holdings of bitcoin, ethereum, and Tether, along with seven other widely-traded crypto assets, are covered.
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