Crypto firm Binance covers 90% of losses after $6.3bn hack
Binance replaces stolen assets
The world’s largest cryptocurrency exchange said it had covered 90% of the assets taken in Thursday’s hack. Binance said it replenished them through a mix of funds and its corporate treasury.
The company has pledged to make up all losses and said it had earmarked more than $6.34bn in company funds for that purpose. The stolen assets were valued at $6.3bn (£4.7bn).
FBI names North Korea
Binance’s first investigation indicated that an engineer’s laptop had been compromised, enabling unauthorised withdrawals. A later company update said investigators had found “additional points of breach”.
Frozen assets and withdrawals
On Friday, Binance said it had frozen around $3bn in stolen assets after working with law enforcement, intelligence firms and partners. The exchange said its next priority was restoring withdrawal services. It remained on track to reopen them on Sunday 1 November and said it would provide an update when details were confirmed.
Exchange serves global users
Founded in China in 2017, Binance allows users to buy, sell and trade digital assets. The company is estimated to have hundreds of millions of users around the world.
Key points
- Binance says it has replaced 90% of the $6.3bn stolen in Thursday’s hack.
- The company says it has set aside more than $6.34bn to cover all losses.
- The FBI said North Korea was responsible for the hack.
- Binance said withdrawals were on track to reopen on Sunday 1 November, pending confirmation.