Crypto firm Binance covers 90% of losses after $6.3bn hack
Cryptocurrency exchange Binance announced that 90% of the funds lost in a massive cyber attack have been covered. Hackers stole approximately $6.3bn during the breach, forcing the platform to address the shortfall using its corporate treasury, insurance funds, and SAFU reserves. Following the security incident, the exchange resumed withdrawals for several major cryptocurrencies. Meanwhile, the Federal Bureau of Investigation attributed the multi-billion dollar heist to North Korea, specifically pointing to the state-sponsored group TraderTraitor. Analytics firms also reported intelligence linking the operation to North Korean state-backed actors.
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- ✓ Cryptocurrency exchange Binance stated that 90% of losses from a record cyberattack have been covered.
- ✓ Hackers stole nearly $6.3bn in digital assets during the breach.
- ✓ Binance used its SAFU reserves, insurance funds, and corporate treasury to replenish the lost funds.
- ✓ The Federal Bureau of Investigation stated that North Korea was responsible for the cyberattack.
What changed
Binance officially confirmed that 90% of the stolen assets have been replenished using internal reserves and insurance funds.
Live updates
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Binance Covers 90% of Losses From Record Hack
Cryptocurrency exchange Binance announced that 90% of the funds lost in a massive cyber attack have been covered. Hackers stole approximately $6.3bn during the breach, forcing the platform to address the shortfall using its corporate treasury, insurance funds, and SAFU reserves. Following the security incident, the exchange resumed withdrawals for several major cryptocurrencies. Meanwhile, the Federal Bureau of Investigation attributed the multi-billion dollar heist to North Korea, specifically pointing to the state-sponsored group TraderTraitor. Analytics firms also reported intelligence linking the operation to North Korean state-backed actors.
Why it matters
The incident ranks as one of the largest cyber heists in the history of the cryptocurrency sector, highlighting ongoing vulnerabilities in digital asset infrastructure. State-sponsored hackers have increasingly targeted major platforms to generate illicit revenue. The ability of the exchange to rapidly replenish the vast majority of missing funds underscores the scale of corporate reserves maintained by major digital asset firms to absorb catastrophic failures.
What is confirmed
- Cryptocurrency exchange Binance stated that 90% of losses from a record cyberattack have been covered.
- Hackers stole nearly $6.3bn in digital assets during the breach.
- Binance used its SAFU reserves, insurance funds, and corporate treasury to replenish the lost funds.
- The Federal Bureau of Investigation stated that North Korea was responsible for the cyberattack.
- The FBI specifically identified the state-sponsored group TraderTraitor as the perpetrator behind the cryptocurrency hack.
Still unconfirmed
- Two analytics firms claim to have robust intelligence pointing to a North Korean state-backed group as the likely culprit.
What to watch next
- Further official findings from the FBI regarding the mechanics of the TraderTraitor hack
- Updates on the recovery or freezing of the remaining 10% of stolen funds
- Additional announcements from Binance regarding full withdrawal restoration across all supported tokens
confidence 100%Sources used for this update (18)
- finance.yahoo.com — Yahoo Finance - Stock Market Live, Quotes, Business & Finance News
- www.aljazeera.com — Breaking News, World News and Video from Al Jazeera
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- cryptonews.com — Bitcoin Price Prediction: BTC Reverses Sharply as Bulls Fight Back
- brunch.co.kr — 07화 왕권 제한에서 AI 제한까지
- digg.com — Microsoft, Alphabet and 14 others object to OKXICE’s tokenized-stock plans · Digg
- www.myjoyonline.com — Fire outbreaks leave a trail of destruction at Bunso, Boso and Nsawam
- WSJ — Behind the Scenes of Crypto’s Biggest Nightmare: a Record-Breaking Cyber Heist
- The New York Times — How Binance’s $6.3 Billion Hack Went Down
- CNN — Notorious hacker says stolen crypto is like ‘holding a hot potato’
- Fox Business — North Korea responsible for $6 billion Binance cryptocurrency hack, FBI says
- BBC — Crypto firm Binance covers 90% of losses after $6.3bn hack
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