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Binance says it covered 95% of $6.3 billion hack, to resume withdrawals
Binance said it had replaced 95% of about $6.3 billion in stolen tokens and would restart withdrawals in phases on Sunday, Dawn and The National reported, after the FBI linked the theft to North Korea's TraderTraitor group.
- Dawn and The National are now reporting this
- New headline Was: “Binance says it covered 90% of losses after $6.3 billion hack”
- 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”
14 earlier updates
- 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”
- CBS News is now reporting this
- Still developing
- Now breaking news
- Ars Technica is now reporting this
- First reported by The Verge
Binance said it had replaced 95 percent of about $6.3 billion in tokens taken in a Thursday theft and would restart withdrawals in phases on Sunday, according to Dawn and The National6,7. The first window was listed as 0600 to 0900 GMT, covering 15 assets including bitcoin, ether, XRP and dogecoin6,7.
Earlier 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 buy, BBC and Al Jazeera reported1,2. Dawn said the later figure was about $6 billion replaced, with 5 percent still outstanding6.
Binance said it would absorb the financial impact rather than pass it to users1,2,7. Al Jazeera and Dawn said replacements came from a Secure Asset Fund for Users, a futures insurance fund and the corporate treasury2,6. 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 reported6.
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 addresses2,6,7. TechCrunch and The Verge said TRM Labs, Elliptic and Chainalysis had already attributed the theft to that group3,4. Dawn said President Donald Trump told reporters Saturday the United States was not certain North Korea was involved6. North Korea has denied involvement in such attacks, BBC noted1.
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 with more than one person and software meant to hide tracks1,2,4. The company said it found no evidence that wallet private keys leaked3,4,5.
About $3 billion in stolen assets were frozen with partners, Binance said Friday1,4,6. Ars Technica, citing Elliptic, said attackers had moved other sums into assets that could not be frozen5. The U.S. Secret Service said it was working with private partners to identify, freeze, trace and recover funds1. Abu Dhabi's Financial Services Regulatory Authority said it was engaging with the company5. The National said deposits remained open7.
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
- Ars TechnicaHackers steal $6.3 billion from Binance in record crypto heist
DawnThe NationalShowHide
How it’s being reported
9 sourcesFirst reported by
The Verge
Show all
Crypto firm Binance covers 90% of losses after $6.3bn hack
Customer reimbursement progress at 90%
Binance said Saturday it had covered 90% of stolen assets from company funds and aimed to resume withdrawals Sunday. BBC News
Leaves out Sunday 95% figure and timed withdrawal window
FBI blames North Korea for record $6.3bn crypto heist
FBI attribution and laundering into Ethereum
FBI blamed North Korea's TraderTraitor; Binance said 90% of tokens were replaced from SAFU, insurance and treasury.
Leaves out Sunday 95% update and withdrawal timetable
North Korean hackers blamed for stealing record $6.3B in Binance breach
Blockchain-firm attribution and attack path
TRM Labs and Elliptic attributed the theft to TraderTraitor; Binance described a compromised engineer laptop.
Leaves out Saturday-Sunday reimbursement updates
Binance hackers stole $6.3 billion in record-breaking crypto heist
Frozen assets and company reserve pledge
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
Hackers steal $6.3 billion from Binance in record crypto heist
Unfreezable assets and regulatory context
Elliptic said attackers converted about $3.3 billion into assets that could not be frozen; Abu Dhabi regulator engaged.
Leaves out Sunday withdrawal timetable
Binance to resume withdrawals after covering bulk of stolen $6.3bn
95% cover, timed first-phase withdrawals, Trump comment
Binance said it would resume withdrawals Sunday after covering 95% of $6.3bn, with a first phase from 0600-0900 GMT.
Leaves out Abu Dhabi regulator
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
How much stolen crypto remains movable