Binance Reimburses Users $6.3 Billion After North Korean Hack

Binance has fully reimbursed customers for $6.3 billion in cryptocurrency stolen during the largest digital heist on record. The exchange covered the losses using its corporate treasury, a Futures insurance fund, and a partial deployment of its Secure Asset Fund for Users, which the company now intends to replenish to approximately $1 billion.

The breach occurred between June and September when hackers used fake job interviews and malicious software to compromise staff credentials. The attackers executed the theft on October 29 using a malicious script. While the exchange froze or intercepted $2.85 billion in assets and closed the entry points, the remaining funds were replaced through market and over-the-counter channels.

Binance and the Federal Bureau of Investigations attributed the attack to North Korea. The Government of North Korea has denied the allegations of involvement.