Key facts
- Binance said it committed more than $6.34 billion in company funds to cover losses from the October 29 attack.
- Binance said it used its Secure Asset Fund for Users, a futures insurance fund and corporate treasury to cover the losses.
- Binance said it committed to replenishing SAFU to return the fund to approximately $1 billion.
- The FBI attributed the theft to a North Korean hacking group known as TraderTraitor.
- Kim Yo-jong rejected the FBI's findings, calling them a grave political provocation against Pyongyang.
Binance said on November 12 that it had completed covering assets affected by a cyberattack it blames on North Korea, after committing more than $6.34 billion in company funds to make up for the losses, Yonhap reported.
The exchange said in a statement posted on its website that it used funds from its Secure Asset Fund for Users (SAFU), a futures insurance fund and corporate treasury, while acquiring affected cryptocurrencies through market and over-the-counter transactions. Binance said it committed to replenishing SAFU to return the fund to approximately $1 billion, describing it as an emergency user-protection reserve.
The announcement follows an October 29 cyberattack in which hackers allegedly linked to North Korea stole more than $6 billion in digital assets from Binance. The FBI attributed the theft to a North Korean hacking group known as TraderTraitor and warned the stolen assets could be laundered through decentralized finance platforms and cryptocurrency exchange services.
Kim Yo-jong, described by Yonhap as the sister of North Korean leader Kim Jong-un, rejected the FBI's findings earlier in November, calling them a grave political provocation against Pyongyang. The State Department reiterated concerns over North Korea's use of cybercrime to finance its weapons programs, describing the issue as a global problem affecting companies and jurisdictions around the world.