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.
Crypto exchange Binance has reportedly covered 90% of the $6.3 billion in assets stolen in a major hack, according to the company. The remaining 10% of the stolen funds may take longer to recover, Binance added. The company has set aside over $6.34 billion to cover the losses, which are believed to be the biggest ever in the cryptocurrency industry.
North Korea has been identified as the likely culprit behind the hack, according to the FBI and two analytics firms. Binance has pledged to absorb the financial impact of the theft, stating that users will not bear the cost. The company has spent over $3 billion on freezing stolen assets and working with law enforcement and intelligence partners.
Binance's CEO, Richard Teng, revealed that the hackers employed sophisticated methods to conceal their tracks. The investigation is still ongoing, and the exchange aims to resume withdrawals for users by November 1st.
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