Binance refunds 90% of $6.3 billion stolen by North Korean hackers

nypost.com —

Binance has refunded 90% of the $6.3 billion stolen by North Korean hackers, using company reserves to fully cover user losses. The Dubai-based exchange set aside over $6.34 billion in corporate funds, absorbing the financial impact rather than passing it to users. It used its treasury, Futures insurance fund, and emergency Secure Asset Fund for Users, with popular cryptocurrencies like Bitcoin and Ethereum fully backed. The remaining 10% consists of less liquid tokens outside the top ten, which may take longer to source. The hack, attributed to the TraderTraitor unit, exploited unknown flaws in about 20 minutes, with Binance publishing Proof of Reserve snapshots for transparency.


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Binance refunds 90% of $6.3 billion stolen by North Korean hackers | News Minimalist