Binance says all asset losses from N. Korea-linked cyberattack covered
WASHINGTON — Global cryptocurrency exchange Binance said Thursday it has completed covering assets affected by a massive cyberattack blamed on North Korea, after committing more than $6.34 billion in company funds to make up for the losses. "Binance has completed coverage of assets impacted in the security incident," the company said in a statement posted on its website. The company said it used…
Global cryptocurrency exchange Binance has announced that it has successfully covered all assets lost in a significant cyberattack, which is believed to be linked to North Korea. The company disclosed that it utilized funds from its Secure Asset Fund for Users (SAFU), futures insurance fund, and corporate treasury to compensate for the losses.
The total amount allocated for covering the losses amounts to over $6.34 billion. Binance acquired the affected cryptocurrencies through market and over-the-counter transactions. The exchange has committed to replenishing the SAFU fund to restore it to nearly $1 billion, thereby maintaining its status as a reliable emergency user-protection reserve.
This news comes in the wake of a cyberattack that occurred on October 29, during which hackers, allegedly connected to North Korea, reportedly stole more than $6 billion worth of digital assets from Binance. The U.S. Federal Bureau of Investigation (FBI) identified the theft as the work of a North Korean hacking group known as TraderTraitor, cautioning that the stolen assets might still be circulating.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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