Washington:Global cryptocurrency exchange Binance announced it has completed the process of covering assets affected by a significant cyberattack attributed to North Korea. The company committed more than $6.34 billion from its funds to compensate for the losses.
According to Yonhap News Agency, Binance stated that it utilized resources from its Secure Asset Fund for Users (SAFU), futures insurance fund, and corporate treasury to cover these losses. The company also acquired affected cryptocurrencies through market and over-the-counter transactions.
The announcement follows a cyberattack on October 29, where hackers reportedly linked to North Korea stole over $6 billion in digital assets from Binance. The U.S. Federal Bureau of Investigation (FBI) attributed the theft to a North Korean hacking group known as TraderTraitor, issuing warnings that the stolen assets might be laundered via decentralized finance platforms and cryptocurrency exchange services.
Kim Yo-jong, the sister of North Korean leader Kim Jong-un, dismissed the FBI's findings, labeling them as a "grave political provocation" against Pyongyang. Meanwhile, the U.S. State Department reiterated its concerns about North Korea's use of cybercrime to finance its weapons programs, highlighting the issue as a global challenge impacting companies and jurisdictions worldwide.