Binance covers $6B of $6.3B stolen in hack; FBI links North Korean group to theft

Binance has covered $6 billion of the $6.3 billion stolen in a hack, using company funds to buy replacement tokens, after the FBI attributed the attack to North Korean state-sponsored group TraderTraitor. The exchange said it used its $1 billion Secure Asset Fund for Users, its Futures Insurance Fund, and corporate treasury to reimburse customers, with the remaining less than 10 percent consisting of less liquid assets. The FBI stated the group converted stolen assets into ethereum and expects further laundering, while Binance has frozen about $3 billion with industry partners. Co-CEO Richard Teng described the breach as a "complex attack" involving a compromised laptop and malware designed to erase evidence. Binance halted withdrawals after the hack but plans to reopen them Sunday, and has set aside $6.34 billion internally while committing to replenish its Safu fund to about $1 billion.