Crypto firm Binance covers 90% of losses after $6.3bn hack
The Federal Bureau of Investigation (FBI) says North Korea was responsible for the hack.
Crypto exchange Binance has covered 90% of the $6.3 billion stolen in a major hack that occurred on Thursday, according to the company. The remaining 10% may take longer to recover, Binance added. The company has set aside more than $6.34 billion in funds to cover these losses, which are suspected to be the largest in cryptocurrency history, surpassing a previous $1.5 billion heist.
Binance stated that it will absorb the financial impact of the theft, rather than pass it on to its users. Withdrawals have been restored on several of Binance's networks after being suspended following the hack, and the Federal Bureau of Investigation (FBI) has identified North Korea as the responsible party. The FBI observed hackers converting stolen assets into Ethereum, which they expect to convert again using decentralized finance and instant swap services.
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