Binance replaces 90% of funds lost in $6.3 billion hack
Binance has replaced 90% of the cryptocurrency stolen in a $6.3 billion hack, using company funds to repurchase the assets, the exchange announced Saturday. The remaining 10% consists of less liquid tokens that may take longer to buy back. The world's largest crypto exchange said users will not bear the financial impact of the incident, which analysts blamed on North Korea. Co-CEO Richard Teng described the breach as a "complex attack" involving a compromised laptop and malicious software designed to delete evidence, complicating the investigation. Crypto prices fell Friday as Binance reassured customers, and the exchange remains on track to reopen withdrawals Sunday. It has set aside $6.34 billion internally, drawing from its $1 billion Secure Asset Fund for Users, its Futures insurance fund, and corporate treasury to cover losses.