North Korea · The Block
Binance confirms it has $6.34 billion ready to cover hack losses
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Binance has allocated $6.34 billion in its own funds and reserves to cover losses stemming from an earlier security breach, the exchange said .
Key facts
- Ripple "promptly" froze roughly $200 million in associated funds, co-CEO Yi He said
- Blockchain intelligence firm TRM Labs said several elements of the attack resemble previous incidents linked to North Korean hackers, including last year's $1.5 billion Bybit breach
- Binance has allocated $6.34 billion in its own funds and reserves to cover losses stemming from an earlier security breach, the exchange said
- According to the statement, Binance is holding about $5 billion of the committed funds in the same digital assets that were affected
Summary
The exchange was hacked on Thursday, with investigations and recovery efforts alongside law enforcement ongoing. According to the statement, Binance is holding about $5 billion of the committed funds in the same digital assets that were affected. The exchange is buying the remaining roughly $1.3 billion in tokens through market and over-the-counter channels. Meanwhile, the reserve does not include approximately $3 billion in assets that Binance says industry partners have frozen.