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…
Binance, the global cryptocurrency exchange, has announced that it has successfully covered all asset losses resulting from a massive cyberattack allegedly linked to North Korea. The company committed over $6.34 billion in company funds to compensate for the losses, drawing from its Secure Asset Fund for Users (SAFU), futures insurance fund, and corporate treasury.
Binance also acquired affected cryptocurrencies through market and over-the-counter transactions. The exchange has pledged to replenish the SAFU fund to approximately $1 billion, ensuring it remains a fully resourced emergency user-protection reserve. The cyberattack, which occurred on October 29, resulted in the theft of more than $6 billion in digital assets from Binance, with the U.S. Federal Bureau of Investigation attributing the theft to a North Korean hacking group known as TraderTraitor.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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