Binance faces fallout after $6.3bn hack

Binance says it will cover losses from the $6.3bn hack and has reported that it has covered 95% of the stolen funds. The breach also prompted large customer withdrawals and warnings that scammers may exploit users’ concerns. (3c2fe413-6498-46cb-b013-e461a9b26523; fd28a248-9580-4add-be6f-0c8877d25d2c)

• Binance halted withdrawals after the breach, then reopened them on Sunday. Customers withdrew $4.6bn within hours; the Guardian reported a net outflow of about $3.6bn after also accounting for deposits. (3c2fe413-6498-46cb-b013-e461a9b26523; fd28a248-9580-4add-be6f-0c8877d25d2c)· 2 sources
• Binance said it would use corporate reserves to replace stolen assets and had covered 95% of the funds. The Guardian reported the company said it had frozen about half of the funds targeted in the hack. (3c2fe413-6498-46cb-b013-e461a9b26523; fd28a248-9580-4add-be6f-0c8877d25d2c)· 2 sources
• Changpeng Zhao warned that scammers were circulating fake compensation offers. Security experts advised users to check for updates through Binance’s official app or website rather than respond to unsolicited messages. (3c2fe413-6498-46cb-b013-e461a9b26523; fd28a248-9580-4add-be6f-0c8877d25d2c)· 2 sources
• The FBI attributed the hack to North Korea and said it had observed a state-sponsored unit converting stolen assets into ethereum. The Guardian reported that experts considered North Korean hackers likely responsible. (3c2fe413-6498-46cb-b013-e461a9b26523; fd28a248-9580-4add-be6f-0c8877d25d2c)· 2 sources