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Binance Reopens Withdrawals, Says Company Cash Covered 95% Of Hack
Binance said law enforcement froze about half the stolen coins as hackers shifted the rest across platforms and wallets.
- On Monday, Binance resumed withdrawals after covering 95 per cent of the stolen tokens by value through its Security Asset Fund for Users program following the $6.3 billion hack.
- The FBI identified North Korean hacking group TraderTraitor as the likely perpetrator, targeting the cryptocurrency exchange to net billions unlike traditional breaches such as the 2014 Sony Pictures attack.
- Within half an hour, hackers converted stablecoins like Tether and Circle into decentralized Bitcoin and Ethereum; Chainalysis reports law enforcement and industry players froze approximately half the stolen coins.
- Founder Changpeng Zhao, pardoned by President Donald Trump, must now rely on other cryptocurrency exchanges to block suspicious transactions as hackers maneuver the remaining billions to evade detection.
- Zhao previously served jail time for failing to implement effective anti-money laundering schemes, an experience detailed in his memoir, highlighting ongoing industry tensions between rapid growth and user protection.
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11 Articles
11 Articles
Sydney Morning Herald+3 Reposted by 3 other sources
The staggering irony of the Binance hack
The company’s boss, Changpeng Zhao, served time in jail over anti-money laundering failures. To get his users’ money back, he must hope the rest of the industry has learned a lesson.
·North Sydney, Australia
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Binance Reopens Withdrawals, Says Company Cash Covered 95% Of Hack
·Jersey City, United States
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Technologue.id, Jakarta – Crypto exchange Binance has begun gradually reopening its asset withdrawal service following a hack that resulted in the theft of US$6.3 billion worth of crypto assets. The company claims to have recovered 95% of the assets.
Coverage Details
Total News Sources11
Leaning Left3Leaning Right1Center2Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 33%
R 17%
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