Binance Restores 90% of Assets Following $6.3 Billion Cyberattack

Binance announced on Saturday that it has successfully replaced 90% of the digital assets lost during a record-breaking $6.3 billion cyberattack. The company utilized its own corporate treasury, along with its Secure Asset Fund for Users and futures insurance funds, to purchase replacement tokens.

The remaining 10% of the stolen assets consist of less liquid tokens that the exchange is working to acquire. Co-CEO Richard Teng confirmed the company's commitment to covering these final losses to ensure customers do not suffer financially.

The breach was described as a complex operation involving a compromised laptop and malicious software intended to hide the attacker's tracks. Analysts have pointed to North Korea as the source of the cyberattack.

Following the incident, Binance temporarily halted customer withdrawals but expects to resume them on Sunday. The exchange has also initiated a new proof-of-reserves process to verify that user assets are backed at a 1:1 ratio.