Science & Tech · Cybersecurity · 10 hrs ago
Binance says it has covered all assets lost in $6.3 billion hack
Binance says it has replaced assets stolen in a $6.3 billion hack that took place on Oct.
29.
The global cryptocurrency exchange says it used its user-protection fund, futures insurance fund and company treasury to cover the losses.
The FBI blamed the theft on TraderTraitor, a hacking group it linked to North Korea.
North Korean leader Kim Jong-un’s sister rejected the FBI’s claim, calling it a political provocation.
Binance committed more than $6.34 billion to cover the affected assets, according to the company.
It says it will replenish its user-protection fund to about $1 billion.
The incident has raised concerns about crypto security, and Coinbase CEO Brian Armstrong said industry cooperation can help limit harm in future attacks.
Binance said it had completed covering customer assets affected by an October 29 cyberattack.
The exchange said it committed more than $6.34 billion in company funds to make up for the losses.
It used its Secure Asset Fund for Users, futures insurance fund and corporate treasury, and acquired affected cryptocurrencies.
The FBI attributed the theft to a North Korean hacking group, while Kim Yo-jong rejected the findings.
- Who
- Binance said it covered the affected assets. The hackers were allegedly linked to North Korea.
- What
- Binance said it replaced assets stolen in a cyberattack.
- When
- The attack took place on October 29; Binance announced it had completed coverage on November 12.
- Where
- The attack targeted Binance. A more specific location is not stated.
- Why
- Binance said it covered the losses to protect affected users.
FBI
Kim Yo-jong
Attribution of the attack
FBI
The FBI attributed the theft to a North Korean hacking group known as TraderTraitor.
Kim Yo-jong
Kim Yo-jong rejected the FBI's findings.
Characterization of the findings
FBI
The FBI warned that stolen assets could be laundered through decentralized finance platforms and cryptocurrency exchange services.
Kim Yo-jong
Kim Yo-jong called the findings a grave political provocation against Pyongyang.
Hackers stole more than $6 billion in digital assets from Binance in a cyberattack.
Kim Yo-jong rejected the FBI's attribution of the theft to North Korean hackers.
Binance said it had completed coverage of affected assets after committing more than $6.34 billion.
- Amount committed
- More than US$6.34 billion
- Date of attack
- October 29
- Funds used
- SAFU, futures insurance fund and corporate treasury
- FBI attribution
- North Korean group known as TraderTraitor
5 sources
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What people are saying
Binance has completed coverage of assets impacted in the security incident
Binance has committed to replenishing SAFU to return the fund to approximately US$1 billion, ensuring it remains fully resourced as an emergency user-protection reserve
grave political provocation