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Binance resumes withdrawals on Sunday after covering 95% of the $6.3 billion stolen in the world's largest digital heist. The exchange used company funds to replace tokens, with the first phase starting between 0600 and 0900 GMT covering 15 cryptoassets including bitcoin and ether.
Binance announced it will resume withdrawals in phases after recovering 95% of the $6.3 billion stolen in the world's largest digital heist. The FBI attributes the attack to a North Korean unit, with the remaining 5% of assets being less liquid tokens like Solana and XRP that require longer sourcing times.
Binance prepares to resume withdrawals in phases after recovering bulk of $6 billion in stolen funds from its Oct. 29 hack. The exchange committed company funds to replace stolen assets while investigators expanded their review of the breach. Approximately $5 billion in matching tokens cover about 80% of losses, with partners freezing roughly $3 billion onchain.
Binance announced it covered 90% of the $6.3 billion cryptocurrency stolen in a record hack, pledging to absorb the full financial impact. The exchange replenished assets using treasury funds and reserves, aiming to resume withdrawals by Sunday after the breach caused a six-week low for Bitcoin at $76,469.82.
Binance co-CEO Richard Teng announced the exchange replenished 90% of stolen assets from the record hack, pledging to cover the remaining 10%. The company used $6.34 billion in internal funds, including its $1 billion Secure Asset Fund, to replace tokens lost to a North Korea-sponsored group. Withdrawals are scheduled to reopen Sunday.
North Korea's Lazarus Group executed the world's largest crypto heist on Thursday, stealing $6.3 billion from Binance using AI. The firm absorbed costs via its SAFU fund and company funds, suspending withdrawals for 48 hours. Bitcoin price fell to $76,368 and Coinbase Global stock dropped 4.8%.
Binance co-CEO Richard Teng announced Friday the exchange reserved $6.34 billion to cover losses from a Thursday hack. While the exchange holds $5 billion in affected tokens, it buys the remaining $1.3 billion. Industry partners froze roughly $3 billion, including $1.57 billion in USDT and $800 million in USDC. Withdrawals are currently suspended for users.
Summaries by ByteBrief