Binance Covers 90% of Losses After Record $6.3 Billion Hack
Binance said Saturday it had covered 90% of the $6.3 billion in assets stolen from the cryptocurrency exchange, while investigators examined evidence linking the record heist to a North Korean state-backed hacking group.
The company said it used its corporate treasury and other funds to replenish affected assets, including bitcoin, ethereum and Tether, and had set aside more than $6.34 billion to cover all losses. Binance said users would not bear the financial impact, though sourcing the remaining 10% could take longer. It remained on track to resume withdrawals on Sunday, Nov. 1.
The attack occurred Thursday and prompted Binance to suspend deposits and withdrawals. An initial investigation indicated that a compromised DevOps engineer’s laptop allowed unauthorized access to systems used to process withdrawals. Binance later said it had discovered additional breach points. Co-CEO Richard …