Binance says has covered 90% of $6.3 billion hack losses
Binance has utilized company funds to replenish 90% of the $6.3 billion lost in a major cyberattack. The exchange is working to recover the remaining funds while federal investigators look into potential links to North Korean hackers.
Why it matters
The scale of this hack and the subsequent response by a major exchange highlights systemic risks in the cryptocurrency market and the threat of state-sponsored cyber warfare.
Layer 1 Cryptocurrency platform Binance said Saturday it has used company money to buy tokens to replenish 90 percent of $6.3 billion stolen in a huge hacking attack.
“Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident,” the company said on X.
Binance, the world’s largest crypto exchange by daily trading volumes, said the remaining 10 percent of tokens are “less liquid, which means they may take longer to source in the required amounts.”
The company said it has set aside more than $6.34 billion in company funds to cover losses in the hack.
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