Binance covers $6 billion of $6.3 billion stolen in hack
The cryptocurrency exchange used company funds and reserves to replace most of the assets taken in the massive heist.
Binance has covered $6 billion of the $6.3 billion stolen from its platform during a recent hack, according to reports from Business Standard and India Today. The world's largest cryptocurrency exchange used its own corporate treasury, the Futures Insurance Fund, and part of its $1 billion Secure Asset Fund for Users (SAFU) to buy replacement tokens.
The US Federal Bureau of Investigation (FBI) stated on Saturday that the North Korean state-sponsored unit known as TraderTraitor was responsible for the attack. Law enforcement observed members of the unit converting stolen assets into ethereum and expects further laundering of the funds through related technology.
Co-CEO Richard Teng described the breach as a sophisticated operation that utilised a compromised laptop and software intended to erase traces of the activity to hinder investigations. Co-CEO Yi He noted on Saturday that 50 per cent of the SAFU funds would be used, though the company plans to replenish the reserve to $1 billion.
The remaining stolen amount is less than 10 per cent and consists of less liquid assets that may take longer to source. Binance has been working with industry partners to freeze affected assets, with approximately $3 billion located as of Friday.
The exchange had previously halted customer withdrawals following the heist but stated it was on track to reopen them on Sunday. As of 02:50 GMT on Sunday, withdrawals were not yet open.