Crypto firm Binance covers 90% of losses after $6.3bn hack
Binance has announced it has covered 90% of the $6.3 billion stolen in a recent major cryptocurrency hack. The exchange is using its corporate treasury to reimburse users and expects to resume withdrawals by November 1st.
Why it matters
As the largest hack in history, this event tests the resilience of major crypto exchanges and their ability to protect user assets during systemic failures.
Image source, Bloomberg via Getty Images By Imogen James Published 13 minutes ago Binance, the world's largest cryptocurrency exchange, says it has covered 90% of the $6.3bn (£4.7bn) assets stolen in a hack on Thursday.
The remaining 10% may take longer to source in the required amounts, the company added.
Binance has consistently pledged to cover 100% of the losses from what is suspected to be crypto's biggest hack on record and said it has set aside more than $6.34bn in company funds to do so.
"Binance will absorb the financial impact of these stolen funds, not our users," the company said in a statement on Saturday.
It said it had replenished the assets using various funds and its own corporate treasury.
All holdings of the cryptocurrencies bitcoin, ethereum and Tether are covered, along with seven other widely-traded crypto assets, the company said.
Headlinne story · 8 newsrooms
Binance Resumes Crypto Withdrawals After Record Billion Dollar Hack
What every outlet reported, where they differ, and how each framed it →
Also covering this story
19 other newsrooms covered this event. We read each version separately.
Binance resumes withdrawals after $6bn crypto hack
FBI blames North Korea for stolen billions from Binance in biggest hack in history
‘Binance will absorb impact, not users’: Crypto giant sets aside $6.34 bn to cover losses
"Bad Time To Troll": Binance Co-Founder Calls Out Musk Over Crypto Heist Jabs
Crypto firm Binance covers 90% of losses after $6.3bn hack
FBI blames North Korea for stolen billions from Binance in biggest hack in history - AP News
Binance resumes withdrawals following $6.3 billion breach
Binance crypto heist: North Korea’s TraderTraitor hackers
What to know about the $6.3B hack on Binance, likely the biggest-ever crypto theft
The $6.3 billion Binance hack paradox: Centralization made the hack possible, but also saved $3 billion
How suspected North Korean hackers swiped billions in crypto in only minutes - The Washington Post
FBI blames North Korea for record $6.3bn crypto heist from Binance
Binance resumes withdrawals for some major cryptocurrencies after $6 billion heist
Binance says 90% of losses from $6.3bn hack covered as FBI says North Korea behind attack
Binance says billions replaced from hack that FBI blames on North Korea
FBI says North Korea stole more than USD 6 billion from Binance as withdrawals start to reopen
Binance says has covered 90% of $6.3 billion hack losses
North Korea linked to massive Binance crypto heist
A simple explainer of the massive $6.3 billion crypto heist at Binance
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