Binance Covers 90% of $6.3bn Hack Losses — SkimNews
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- Binance said it had covered 90% of the $6.3bn stolen in Thursday's hack, leaving the remaining 10% still to be sourced, and set aside more than $6.34bn toward its pledge to cover 100% of losses; the attack is believed to have eclipsed the $1.5bn Bybit heist in 2025.
- Binance said it had replenished the stolen assets using various funds and its own corporate treasury and would absorb the financial impact “not our users”; coverage includes all holdings of bitcoin, Ethereum, Tether and seven other widely traded assets.
- Binance restored withdrawals on several of its networks after a post-hack suspension, implementing the phased resumption it had previously announced.
- FBI attributed the attack to North Korea, named the Lazarus Group and said hackers were converting stolen assets into Ethereum; two analytics firms separately told the BBC their intelligence pointed to the same state-backed unit, while North Korea has always denied involvement in such attacks.
- Trump said the U.S. was still unsure whether North Korea was responsible, declaring, “We don't know if it's North Korea,” and said the U.S. would speak with North Korea if it was.
- Richard Teng said more than one person carried out the hack and that the attackers used sophisticated methods including a “self-destruct mechanism”; Binance's initial investigation pointed to a compromised engineer's laptop before it reported additional breach points.
- U.S. Secret Service said it was working around the clock with private-sector partners to identify, freeze, trace and recover the stolen funds; Binance separately said it had frozen around $3bn with law enforcement, intelligence firms and partners.
Why it matters: For Binance users, the immediate burden was shifted to Binance: it has covered 90% of the $6.3bn theft from company funds while restoring withdrawals on several networks. That financial backstop comes with around $3bn already frozen and an investigation still underway, leaving 10% of losses unresolved.
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