Binance has already refunded 90% of the $6.3 billion stolen by North Korean hackers - New York Post
Binance has refunded 90% of the $6.3 billion stolen from its users by North Korean hackers, the company announced.
The hack took roughly 20 minutes to execute and was discovered to have occurred through several points of breach, including one software engineer's laptop.
Binance stated it used money from its own corporate treasury, a portion of its Futures insurance fund, and partially deployed money from its emergency Secure Asset Fund for Users to replenish user wallets.
The company emphasized that popular cryptocurrencies like Bitcoin, Ethereum, Binance Coin, Solana, XRP, World Liberty Financial USD, Ripple USD, and Zcash are all fully backed 100%.
Binance will absorb the financial impact of these stolen funds, not our users.
North Korean hackers behind the theft
The FBI confirmed on Saturday that the notorious North Korean hacking unit TraderTraitor was behind the theft.
It is believed the hackers likely leveraged artificial intelligence to exploit unknown security flaws in the cryptoexchange.
Binance provided snapshots of its Proof of Reserve as well as links to the Secure Asset Fund for Users and its Futures insurance fund to maximize transparency.
Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident.
Remaining 10% of stolen funds
The remaining 10% that still needs to be replenished consists of tokens outside the top ten most popular digital assets.
These assets are less liquid, which means they may take longer to source in the required amounts.
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