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Binance says it covered most of $6.3 billion theft, restarts withdrawals
Binance said it had replaced 90 then 95 percent of about $6.3 billion stolen Thursday and would reopen withdrawals in phases Sunday, as the FBI named North Korea's TraderTraitor group.
- New headline Was: “Binance says it covered 90% of losses after $6.3 billion hack”
- Our desk updated its story
- Our desk updated its story
- Dawn and The National are now reporting this
- New headline Was: “Binance says it covered 90% of losses after $6.3 billion hack”
15 earlier updates
- Our desk updated its story
- Our desk filed its story
- Still developing
- New headline Was: “Binance says it covered 90% of losses after $6.3 billion hack”
- BBC and TechCrunch are now reporting this
- New headline Was: “FBI Links North Korea's TraderTraitor to Record $6.43 Billion Binance Crypto Heist”
- Our desk filed its story
- Still developing
- New headline Was: “FBI blames North Korea for record $6.3bn crypto heist from Binance”
- Al Jazeera, The Hacker News and Reuters are now reporting this
- New headline Was: “Hackers steal $6.3 billion from Binance in record crypto heist”
- New headline Was: “Binance hack: Investigators in a 'cat and mouse game' to recover $6.3 billion in stolen funds”
- New headline Was: “Hackers steal $6.3 billion from Binance in record crypto heist”
- CNBC is now reporting this
- New headline Was: “Binance says $6.3 billion stolen in crypto hack, pledges to cover losses”
Binance said it had replaced most of about $6.3 billion in tokens taken in a Thursday theft and would restart withdrawals in phases on Sunday, BBC, Al Jazeera and Dawn reported1,2,5. Dawn said the company later put the replaced share at 95 percent, or about $6 billion, with a first window from 0600 to 0900 GMT covering 15 assets including bitcoin and ether5.
On Saturday the exchange had said 90 percent of the stolen assets were covered and that the rest were less liquid tokens that may take longer to buy1,2. Binance said it would absorb the financial impact rather than pass it to users1,2. Al Jazeera and Dawn said replacements came from a Secure Asset Fund for Users, a futures insurance fund and the corporate treasury2,5. The Verge reported the company had reserved more than $6.34 billion4. Co-chief executive Yi He said 50 percent of the SAFU would be used and that Binance would replenish that fund, Dawn reported5.
The FBI said Saturday that North Korean actors linked to a group called TraderTraitor were converting stolen assets mainly into ether and asked virtual-asset firms to block listed addresses2. TechCrunch and The Verge said TRM Labs, Elliptic and Chainalysis had already attributed the theft to that group3,4. BBC said President Donald Trump told reporters Saturday the United States was still unsure who was responsible1. BBC also noted North Korea has denied involvement in such attacks1.
Binance has said an engineer's laptop was compromised and later that investigators found additional points of breach1,3,4. Co-chief executive Richard Teng described a complex attack involving more than one person and software meant to hide tracks1,2,4. The company said it found no evidence that wallet private keys leaked3,4. About $3 billion in stolen assets were frozen with partners, Binance said Friday1,3,4,5. The U.S. Secret Service said it was working with private partners to identify, freeze, trace and recover funds1.
Sources
- BBCCrypto firm Binance covers 90% of losses after $6.3bn hack
- Al JazeeraFBI blames North Korea for record $6.3bn crypto heist
- TechCrunchNorth Korean hackers blamed for stealing record $6.3B in Binance breach
- The VergeBinance hackers stole $6.3 billion in record-breaking crypto heist
- DawnBinance to resume withdrawals after covering bulk of stolen $6.3bn
How it’s being reported
5 sourcesFirst reported by
The Verge
Show all
Crypto firm Binance covers 90% of losses after $6.3bn hack
90% reimbursement and conflicting public statements on attribution
Binance said Saturday it had covered 90% of stolen assets from company funds; FBI named North Korea, while Trump said the U.S. was unsure. BBC News
Leaves out Sunday 95% figure and timed first-phase window
FBI blames North Korea for record $6.3bn crypto heist
FBI attribution, Ethereum conversion, and listed addresses
FBI blamed TraderTraitor and said stolen assets were being converted mainly into Ethereum; Binance said 90% of tokens were replaced.
Leaves out Sunday 95% update and Trump comments
North Korean hackers blamed for stealing record $6.3B in Binance breach
Attack path through a DevOps laptop and blockchain-firm attribution
TRM Labs and Elliptic attributed the theft to TraderTraitor; Binance described a compromised engineer laptop and unauthorized withdrawals.
Leaves out Saturday-Sunday reimbursement percentages
Binance hackers stole $6.3 billion in record-breaking crypto heist
Frozen assets, reserve pledge, and later finding additional breach points
34 billion; Teng said the attack was not a one-click action.— The Verge
Binance froze about $3 billion and reserved more than $6.34 billion; Teng said the attack was not a one-click action.
Leaves out FBI Saturday statement and 95% cover
Binance to resume withdrawals after covering bulk of stolen $6.3bn
95% cover and timed first-phase withdrawals
Binance said it would resume withdrawals Sunday after covering 95% of $6.3bn, with a first phase from 0600-0900 GMT.
Leaves out Secret Service comment
Where they agree
- About $6.3 billion was stolen from Binance.
- Binance pledged to cover user losses and reported 90% then 95% replaced.
- Blockchain firms and the FBI linked the attack to TraderTraitor.
Where they differ
Whether North Korea is confirmed as the attacker