BBC World·· 10h agoSelected
Binance says it has covered 90% of $6.3bn stolen in suspected biggest crypto hack on record
Original source: BBC WorldRead original
AI brief
Binance, the world's largest cryptocurrency exchange, announced it has covered 90% of the $6.3 billion in assets stolen in a hack on Thursday, with the remaining 10% taking longer to source. The company has pledged to cover 100% of the losses from its own funds, having set aside over $6.34 billion. Binance said it has frozen around $3 billion of the stolen assets and attributed the attack to a North Korean state-backed hacking group. The exchange aims to resume user withdrawals on Sunday, November 1.
Why it matters
The incident marks the largest cryptocurrency hack on record, highlighting ongoing security challenges for major exchanges and the growing sophistication of state-backed hacking groups targeting the crypto industry.
Source: BBC World · bbc.co.uk