Binance Claims To Recover 90% Of $6.3bn Hack Losses

Cryptocurrency platform Binance said Saturday it has used company money to buy tokens to replenish 90 percent of $6.3 billion stolen in a huge hacking attack.

“Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident,” the company said on X.

Binance, the world’s largest crypto exchange by daily trading volumes, said the remaining 10 percent of tokens are “less liquid, which means they may take longer to source in the required amounts.”

The company said it has set aside more than $6.34 billion in company funds to cover losses in the hack.

Binance said Friday it was working to resolve what it called a “complex attack” with several “points of breach.” Investigators pointed to hackers linked to North Korea as being responsible.

The prices of most major cryptocurrencies fell on news of the cyberattack.

Binance suspended user withdrawals after the incident, but said in its latest update they were on track to resume Sunday.

The attack on Binance came as many observers express worries that the ever-expanding capabilities of artificial intelligence models could compromise cryptography and IT security protocols.

President Donald Trump said Friday that the United States was looking into the hack, and the FBI said it was “engaged with relevant public and private partners to understand the scope of the activity” and was ready to investigate.

AFP