Binance says it has covered 90% of assets after record $6.3 billion crypto theft
publishers 47articles 53first reported 29 Oct, 21:38 UTCdeveloping since 30 Oct · 3 editionstop 25 #10
Binance said Saturday it had secured funds to cover 90% of the estimated $6.3 billion in cryptocurrency stolen from the exchange and expected to resume withdrawals on Nov. 1.
The company said the replacement assets would come from its Secure Asset Fund for Users, its Futures insurance fund and its corporate treasury. Binance said the remaining 10% comprised less-liquid tokens that could take longer to obtain. Deposits and withdrawals were suspended while the exchange investigated and reviewed its security controls.
Binance’s preliminary investigation found that attackers compromised an engineer’s laptop, gained access to a service container and submitted unauthorized withdrawal transactions. The company said it had found no evidence that wallet private keys were leaked.
Blockchain intelligence firms TRM Labs and Chainalysis attributed the attack to TraderTraitor, a North Korean state-linked hacking group. TRM said most of the assets were removed across 10 blockchain networks in about 20 minutes. President Donald Trump said U.S. authorities were investigating but had not determined whether North Korea was responsible. The FBI said it was coordinating with partners to assess the incident.
Binance and industry partners said about $3 billion of the stolen assets had been frozen, although frozen funds are not necessarily recovered. Stablecoin issuers were able to block some tokens, while bitcoin and ether remaining under the attackers’ control cannot be frozen by an issuer. Binance said it was working with law enforcement, blockchain intelligence firms and other industry partners to trace and recover additional assets.
HOW THIS STORY WAS MADE
Written from 8 articles, 7 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 42 h after the record first saw the story; the editor kept it as written.
- Publishers
- 47
- Source articles
- 53
- Given to the writer
- 8, 7 with the article's own text
- Independent newsrooms
- 8
- This version written
- 42 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and published it as written.
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