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Binance pledges to cover losses after $6.3 billion hackBinance said customer funds were safe and about $3 billion in affected assets had been located so far.
Key Facts1 days ago · Reading time: ~45 sec.
Summary created with AI assistance · Source: reuters.com
Summary created with AI assistance · Source: reuters.com
- Binance said it had internally set aside about $6.34 billion in company funds to cover the losses.
- On Friday afternoon US Eastern time, the company was targeting a resumption of withdrawals within approximately 34 hours.
- Tether said it froze nearly $1.57 billion in assets linked to the incident; Circle froze more than $800 million.
- Bitcoin fell to a six-week low of $76,368 and ether to a two-month low of $2,178 before markets stabilized.
Rest assured that we are working nonstop to resolve this, to make the users whole, and live up to your trust.— Richard Teng, Binance’s co-CEO, wrote this on X after the exchange was hacked.
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any attempt to expose, alter, disable, destroy, steal or gain unauthorized access to or make unauthorized use of a computer system
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12 hours ago · Reading time: ~45 sec.
Summary created with AI assistance · Source: cbsnews.com
Summary created with AI assistance · Source: cbsnews.com
- Binance said funds were siphoned from wallets on its trading platform; the entire attack took about 20 minutes.
- TRM Labs and other security firms attributed the attack to Trader Traitor, an elite hacking unit linked to North Korea.
- Ari Redbord said Circle and Tether froze $2.4 billion of the stolen funds within an hour; Binance puts total frozen crypto assets at $3 billion.
- Redbord said issuers would first move funds to wallets North Korea cannot access, followed by government seizure and civil forfeiture proceedings.
Freezing assets and recovering them are two very different things. North Korea has a history of using stolen cryptocurrency to circumvent international sanctions and finance its activities.— Roman Bieda, chief intelligence officer at the Swiss blockchain intelligence company Recoveris, told CBS News.
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