Binance covers $6 billion of $6.3 billion stolen in North Korean-linked hack

Binance, the world’s largest cryptocurrency exchange, said it has covered US$6 billion of the US$6.3 billion stolen in a hack, using company funds to buy replacement tokens. US officials attributed the attack to a North Korean state-sponsored unit called TraderTraitor. Binance announced on Saturday it had covered 90% of the stolen funds, with the remaining less than 10% in less liquid assets that may take longer to source. The FBI confirmed TraderTraitor’s involvement, noting the unit converted stolen assets into ethereum and expects further laundering. The exchange used its US$1 billion Secure Asset Fund for Users, its Futures Insurance Fund, and corporate treasury to reimburse losses, committing to replenish the Safu fund. Withdrawals remained suspended as of Sunday, though Binance said it planned to reopen them that day.