Hackers steal US$6.3b, Binance foots the bill — and says it’s 90pc there

Cryptocurrency exchange Binance announced on November 1 that it used its own funds to purchase tokens to replenish 90% of the US$6.3 billion (RM25.6 billion) stolen in a massive hacking incident. In a statement on social media platform X, Binance reiterated its commitment to cover the entire financial impact of the stolen funds.

The remaining 10% of the tokens, described as less liquid, may take longer to acquire in the necessary quantities. Binance has allocated over US$6.34 billion in company funds to address the losses resulting from the hack. The company disclosed on Friday that it was addressing a "complex attack" involving multiple breach points. Cybersecurity experts have identified hackers with suspected ties to North Korea as responsible for the incident.

Following the cyberattack, most major cryptocurrencies experienced a decline in value, and Binance temporarily halted user withdrawals, although the exchange stated they were projected to resume operations by Sunday. The timing of the attack coincided with growing concerns about the potential risks posed by the increasing sophistication of artificial intelligence models to cryptography and information technology security protocols.

President Donald Trump announced on Friday that the United States was investigating the hack, and the Federal Bureau of Investigation (FBI) indicated that they were collaborating with relevant public and private entities to assess the full extent of the incident and were prepared to conduct an investigation.