Binance covers 90% of $6.3bn hack losses
By the AFREEQUE newsroom, based on Vanguard
Illustrative image · Bastian Riccardi · Pexels · Licence PexelsBinance says it has mobilised more than $6.34 billion in company funds to replace 90% of the tokens stolen in a hack that caused $6.3 billion in losses. The platform, which attributes the remaining delay to the low liquidity of some assets, expects withdrawals to resume on Sunday, according to Vanguard.
Binance, the world’s largest cryptocurrency exchange by daily trading volume, has covered 90% of the $6.3 billion in tokens stolen in a hack using its own funds, the company announced on X on Saturday. The company said it had set aside more than $6.34 billion to absorb the losses linked to the attack.
The remaining 10% consists of less liquid tokens, which could take longer to gather in the required quantities, according to Binance. The platform, which suspended withdrawals after the attack, said they were expected to resume on Sunday.
Investigators have implicated hackers linked to North Korea. The FBI said it was working with public and private partners to assess the scale of the operation, while US President Donald Trump said the United States was examining it. The announced coverage comes after Binance’s attempt to recover the stolen funds on 30 October, and accusations targeting North Korean hackers responsible for the theft, published on the same day.
