Binance $6.3B hack, FBI blames North Korea, Richard Teng reassures
Binance just faced the biggest crypto hack ever: $6.3 billion gone in a single hit, and the FBI is pointing fingers at North Korea's TraderTraitor group.
Binance's co-CEO Richard Teng reassured users that 90% of the stolen funds have already been covered from company reserves, so regular customers aren't losing money.
Withdrawals were paused for safety but are set to reopen on November 1.
Binance taps SAFU, FBI warns Ethereum
To protect users, Binance dipped into its Secure Asset Fund for Users (SAFU), its Futures Insurance Fund, and its corporate treasury to replace what was lost and had taken a fresh snapshot of customer assets as part of its proof-of-reserves process.
Meanwhile, the FBI warned that hackers started converting stolen funds into Ethereum and urged other exchanges to block any related transactions, trying to keep laundered crypto from slipping through the cracks.