Binance Covers 90% of Losses After Record $6.3 Billion Hack
publishers 129articles 200first reported 29 Oct, 22:27 UTCdeveloping since 30 Oct · 3 editionstop 25 #2
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 Teng said multiple attackers used sophisticated methods, including software intended to erase evidence.
Binance said about $3 billion in stolen assets had been frozen through cooperation with law enforcement, issuers and blockchain intelligence companies. The U.S. Secret Service said it was working with private-sector partners to identify, trace, freeze and recover the funds.
Blockchain intelligence firms TRM Labs and Chainalysis attributed the attack with high confidence to TraderTraitor, also known as Lazarus Group, which is linked to North Korea. North Korea has denied involvement in previous cyberattacks. Rival exchanges including Coinbase and Kraken said they tightened or reviewed security measures after the breach.
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
- 129
- Source articles
- 200
- 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.
Written by a language model from the sources above, then checked by a second model that may only cut, attribute or correct. How it works →