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North Korea denies role in Binance heist as customers pull billions
Binance was hit by a $6.3bn hack that experts say was likely the work of North Korean hackers.
Key points
- Binance was hit by a $6.3bn hack, which experts say was likely the work of North Korean hackers.
- The exchange said it would cover all losses and that user funds are safe, and had frozen about half the targeted funds.
- Crypto users are not covered by formal deposit protections in the US, UK or Australia.
Why it matters. Crypto users in the US, UK and Australia are not covered by formal deposit protections, so governments may not reimburse their losses if an exchange is hacked or goes bankrupt.
Binance was hit by a $6.3bn hack late last week that experts say was likely the work of North Korean hackers. More than $2.5bn was taken in one transaction after a Binance engineer's laptop was infiltrated. The exchange said on Sunday it had processed $4.6bn in withdrawals and $1bn in deposits, a net outflow of about $3.6bn.
Latest updates
North Korea denies role in Binance heist as customers pull billions
Binance, the world's largest cryptocurrency exchange, suffered what is described as the largest online theft in history late last week. The hack is worth billions of dollars and has triggered a crisis of trust, with customers withdrawing funds from the platform. North Korea has denied any role in the heist, which has been widely linked to the country's state-linked hackers in past cases. The exchange faces questions over security and how it will compensate affected users. Further details on the investigation and recovery of funds have not yet been confirmed.