Binance Promises to Cover Losses from $6.3 Billion Hacking Attack

Cryptocurrency platform Binance announced on Saturday that it will fully cover the financial losses from a major hacking attack that resulted in $6.3 billion being stolen. The company stated that it has used its own funds to buy tokens, replenishing 90 percent of the stolen amount.

According to Binance, the remaining 10 percent of the tokens are less liquid, meaning they are harder to obtain in the necessary amounts. The company has set aside over $6.34 billion to address the losses caused by the hack.

Binance described the incident as a complex attack with multiple points of breach. Investigators have linked the hackers to North Korea. Following the news of the attack, the prices of many major cryptocurrencies dropped.

In response to the incident, Binance temporarily suspended user withdrawals but indicated that they were expected to resume on Sunday. Concerns have also been raised about how advancements in artificial intelligence could affect cryptography and IT security.

President Donald Trump mentioned on Friday that the United States is looking into the hack. The FBI has stated it is working with both public and private partners to understand the situation and is prepared to investigate further.