Binance says all asset losses from N. Korea-linked cyberattack covered

Major cryptocurrency exchange Binance has officially confirmed that it has fully compensated for losses incurred in a recent cyberattack allegedly orchestrated by North Korea-linked hackers. The exchange announced on its website that it had spent over $6.34 billion to restore affected assets, drawing from multiple sources including its Secure Asset Fund for Users (SAFU), futures insurance fund, and corporate treasury.

In addition to covering losses, Binance also acquired the stolen cryptocurrencies through market and over-the-counter transactions. The company is now committed to replenishing the SAFU fund to return it to approximately $1 billion, maintaining it as a robust emergency reserve to protect users. This announcement comes in the wake of the October 29th cyberattack, during which hackers allegedly stole more than $6 billion in digital assets from Binance.

The FBI has linked the theft to a North Korean hacking group known as TraderTraitor, warning of potential asset laundering through decentralized finance platforms and cryptocurrency exchanges. Kim Yo-jong, sister of North Korean leader Kim Jong-un, has disputed the FBI's findings, labeling it a "grave political provocation" against Pyongyang.

The U.S. State Department has also expressed concerns over North Korea's exploitation of cybercrime to fund its weapons programs, emphasizing that the issue is a global concern for companies and jurisdictions worldwide.