Crypto firm Binance covers 90% of losses after $6.3bn hack
Summary
Binance says it has replaced about 90% of the $6.3 billion in cryptocurrency stolen in a hack and will cover users’ losses. The company is working to restore withdrawals, while the investigation into the attack continues and blockchain analytics firms point to a North Korean group as a possible culprit.Key Facts
- Binance says it has set aside more than $6.34 billion in company funds to cover the stolen assets.
- The company said bitcoin, ethereum, Tether and seven other widely traded crypto assets are covered.
- Binance said it hoped to resume user withdrawals on Sunday, 1 November, pending confirmation of the details.
- The exchange said it had frozen about $3 billion in stolen assets with help from law enforcement and other partners.
- Binance’s initial investigation indicated that an engineer’s laptop was compromised; a later update cited additional points of breach.
- Co-chief executive Richard Teng said more than one person carried out the hack and used methods to hide their tracks.
- Two blockchain analytics firms say intelligence points to North Korea’s Lazarus Group, also known as TraderTraitor, as a likely culprit; the investigation is ongoing.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
