Binance covers 90 percent of stolen assets after 6.3 billion dollar hack

Binance has covered 90 percent of the 6.3 billion dollars in assets stolen during a major security breach on Thursday. BBC News and the New York Post both report that the cryptocurrency exchange replenished the funds using its own corporate treasury and company reserves to ensure users do not bear the financial impact. The breach is considered the largest cryptocurrency theft on record. [1][2][7]

The exchange has set aside more than 6.34 billion dollars in company funds to fully cover the incident, BBC News and PBS NewsHour report. Binance stated that sourcing the remaining 10 percent of assets in the required amounts may take longer. PBS NewsHour added that Binance worked alongside blockchain partners to freeze roughly 3 billion dollars in affected assets following the breach. [1][2]

Analytics and blockchain firms have identified a North Korean state-backed group as the likely culprit behind the attack, according to BBC News and PBS NewsHour. As FTMQ News reported earlier, cryptocurrency firms had previously moved to freeze billions of dollars after Binance began investigating the security incident on Thursday. [1][2][15]

Binance was founded in 2017 by Changpeng Zhao and grew to become the largest cryptocurrency exchange by daily trading volume. The company originally launched in China before shifting locations and currently operates without an official company headquarters. [13][14]