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Binance says it covered 90% of losses after $6.3 billion hack
Binance said Saturday it had replaced 90% of assets taken in a $6.3 billion theft and aimed to reopen withdrawals Sunday, BBC and Al Jazeera reported, as the FBI linked the attack to North Korea's TraderTraitor group.
- 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”
13 earlier updates
- 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
- New York Times is now reporting this
- Now breaking news
- Ars Technica is now reporting this
- Now breaking news
- First reported by The Verge
Binance said Saturday it had covered 90 percent of about $6.3 billion in crypto taken in a theft disclosed Thursday and that it remained on track to reopen withdrawals Sunday, BBC and Al Jazeera reported1,2. The exchange said the remaining 10 percent involves less liquid tokens that may take longer to buy1,2.
In a statement quoted by those outlets, Binance said it would absorb the financial impact rather than pass it to users1,2. Al Jazeera said the replacements came from a Secure Asset Fund for Users, a futures insurance fund and the corporate treasury2. The Verge reported the company had reserved more than $6.34 billion, with $5 billion already held in the affected tokens4.
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 said more than one person took part and that the attack was not a single one-click action, according to BBC and The Verge1,4. The company said it found no evidence that wallet private keys leaked3,4,5.
The FBI said Saturday that North Korean actors linked to a group called TraderTraitor were converting stolen assets mainly into Ethereum and asked virtual-asset firms to block listed addresses, Al Jazeera reported2. TechCrunch and The Verge said TRM Labs, Elliptic and Chainalysis had already attributed the theft to that group3,4. North Korea has denied involvement in such attacks, BBC noted1.
About $3 billion in stolen assets were frozen with partners, Binance said Friday1,4. Ars Technica, citing Elliptic, said attackers had moved other sums into assets that could not be frozen5. Tether and Circle froze large amounts of USDT and USDC, that account said5.
The U.S. Secret Service said it was working with private partners to identify, freeze, trace and recover funds, BBC reported1. Abu Dhabi's Financial Services Regulatory Authority, which regulates Binance's main global exchange, said it was engaging with the company5. Whether withdrawals resume as scheduled Sunday was not confirmed in these reports1,2.
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
How it’s being reported
7 sourcesFirst reported by
The Verge
Show all
Crypto firm Binance covers 90% of losses after $6.3bn hack
Customer reimbursement progress
Binance said it covered 90% of stolen assets from company funds and aimed to resume withdrawals Sunday. BBC News
Leaves out FBI statement naming TraderTraitor on Saturday
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 Secret Service comment
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 90% reimbursement update
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
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
FBI Links North Korea's TraderTraitor to Record $6.43 Billion Binance Crypto Heist
Leads with a figure in the headline.
The U.S. Federal Bureau of Investigation (FBI) has officially attributed the theft of more than $6 billion in virtual assets to TraderTraitor, a North Korea-aligned elite hacking group also tracked…
Where they agree
- About $6.3 billion was stolen from Binance.
- Binance pledged to cover user losses and reported 90% replaced by Saturday.
- Blockchain firms and, later, the FBI linked the attack to TraderTraitor.
Where they differ
How much stolen crypto remains movable