Binance covers $6.34 billion in losses from North Korea-linked cyberattack
Binance has successfully reimbursed users for losses following a $6.34 billion cyberattack that the FBI has linked to North Korean hackers. The exchange utilized its internal insurance and treasury funds to cover the stolen assets and restore its emergency reserve.
Why it matters
This incident highlights the ongoing security risks in the cryptocurrency sector and the role of large exchanges in maintaining user trust through emergency fund management.
Binance says it has covered all assets affected by a $6.34 billion cyberattack attributed by the FBI to North Korea-linked hackers, using its SAFU fund, insurance fund and corporate treasury.
Representations of cryptocurrencies including, from left, Bitcoin, ethereum, dogecoin, ripple and litecoin in front of the Binance logo REUTERS/YONHAP 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 funds from its Secure Asset Fund for Users (SAFU), futures insurance fund and corporate treasury to cover the losses, while acquiring affected cryptocurrencies through market and over-the-counter transactions.
Also covering this story
5 other newsrooms covered this event. We read each version separately.
US has seized $1.2 billion worth of cryptocurrency stolen from Binance, FBI says
U.S. won court order to seize or restrain more than $1.2 billion in crypto stolen from Binance
FBI Says US Seized $1.2 Billion In Crypto Stolen From Binance
North Korea's Binance hack faces U.S. crackdown as DOJ targets $1.2 billion in stolen crypto
North Korean hackers used fake video calls in $400M crypto hack, says FBI
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in