The cryptocurrency giant says it has deployed more than $6.34 billion in corporate funds to replace the stolen tokens, while efforts continue to secure the remaining 10 per cent following the massive cyberattack……
Cryptocurrency exchange Binance has replaced 90 per cent of the digital assets stolen in a massive $6.3 billion cyberattack, revealing that it has relied on its corporate funds to purchase the affected tokens and cover the losses.
The exchange announced the development on Saturday, saying it had made significant progress in its efforts to restore the stolen assets and protect users from the financial consequences of the breach.
“Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident,” the company said in a statement posted on X.
According to Binance, the remaining 10 per cent of the stolen tokens are proving more difficult to replace because they have lower liquidity in the cryptocurrency market. This means the company may require additional time to obtain the outstanding assets in the quantities needed.
The world’s largest cryptocurrency exchange by daily trading volume disclosed that it had committed more than $6.34 billion in company funds towards covering the losses arising from the attack.
The latest update comes a day after Binance described the incident as a “complex attack” involving multiple “points of breach”, indicating that the security compromise was not limited to a single entry point.
Investigators have pointed to hackers linked to North Korea as being behind the massive theft, raising further concerns about the growing sophistication of cybercriminal operations targeting the cryptocurrency industry.
The attack also sent jitters through the digital asset market, with prices of most major cryptocurrencies declining following news of the breach.
In response to the incident, Binance temporarily suspended withdrawals for users as it worked to contain the security threat and address the situation. However, the company said in its latest update that withdrawals were expected to resume on Sunday.
Beyond the immediate financial implications, the incident has renewed discussions about the vulnerability of cryptocurrency infrastructure to increasingly sophisticated cyberattacks.
Several observers have expressed concerns that the rapid advancement of artificial intelligence could create new threats to cryptographic systems and existing information technology security protocols, potentially making digital platforms more vulnerable to attacks.
The incident has also attracted the attention of the United States government. President Donald Trump said on Friday that Washington was looking into the cyberattack.
The Federal Bureau of Investigation (FBI) also confirmed its involvement, saying it was “engaged with relevant public and private partners to understand the scope of the activity” and remained prepared to investigate the breach.
