Binance Covers 90% of US$6.3bil Hack Loss

Quick Answer: Binance says it has covered 90% of its US$6.3bil hack losses and has set aside more than US$6.34 billion in company funds. Investigators point to hackers linked to North Korea, and most major cryptocurrency prices fell on the news. Binance is not listed on Bursa Malaysia, so the impact on Bursa shareholders is indirect.

The Binance hack losses total US$6.3bil, and Binance says it will fully cover the financial impact. The world’s largest crypto exchange by daily trading volumes said this on X.

How Much of the Binance Hack Losses Has Been Covered?

Binance hack losses covered at 90 percent of US$6.3bil — Binance says it has covered 90% of the US$6.3bil hack losses.

Binance has covered 90% of the US$6.3bil losses. It has set aside more than US$6.34 billion in company funds to cover them.

Why Is the Remaining 10% Taking Longer?

Binance says the remaining 10% of tokens are ‘less liquid, which means they may take longer to source in the required amounts.’ The company has not given a timeline for sourcing them.

Binance Covers 90% of US$6.3bil Hack Loss — What It Means — Photo: Free Malaysia Today

Who Is Behind the Binance Hack?

Investigators point to hackers linked to North Korea. Binance described the incident as a ‘complex attack’ with several ‘points of breach.’

President Donald Trump said on Friday that the US was looking into the hack. The FBI said it was ‘engaged with relevant public and private partners’ and was ready to investigate.

Why Did Crypto Prices and Binance Withdrawals Fall?

The prices of most major cryptocurrencies fell after news of the cyberattack. Binance suspended user withdrawals after the incident.

In its latest update, Binance said withdrawals are on track to resume Sunday.

Is the Binance Hack Linked to AI Security Fears?

The attack came as many observers express worries that expanding AI capabilities could compromise cryptography and IT security protocols. The source does not say AI was used in this attack.

What Does the Binance Hack Mean for Bursa Shareholders?

Binance is not listed on Bursa Malaysia, and the source gives no Bursa stock code, share price, dividend or earnings figure for it. There is no Bursa-listed stock to tie directly to this hack.

Investors may want to watch three things: whether withdrawals resume on Sunday, whether Binance sources the remaining 10% of tokens, and what the US and FBI investigations find.

Key Takeaways

Binance has covered 90% of its US$6.3bil hack losses.
More than US$6.34 billion in company funds has been set aside for losses.
The remaining 10% of tokens are less liquid and may take longer to source.
Investigators point to North Korea-linked hackers.
Withdrawals are on track to resume Sunday, according to Binance’s latest update.

Disclaimer: This article is for information only and is not financial advice. Binance is not a Bursa Malaysia-listed company. Do your own research before making any investment decision.

Frequently Asked Questions

Has Binance covered its hack losses?

Yes, in part. Binance says it has covered 90% of the US$6.3bil hack losses and has set aside more than US$6.34 billion in company funds. The remaining 10% is in less liquid tokens that may take longer to source.

Is Binance listed on Bursa Malaysia?

No, the source does not show Binance as a Bursa Malaysia-listed company. There is therefore no Bursa stock code to track for this hack.

Who was behind the Binance hack?

Investigators point to hackers linked to North Korea. Binance called it a ‘complex attack’ with several ‘points of breach’, and the FBI said it was ready to investigate.

When will Binance withdrawals resume?

Binance suspended user withdrawals after the incident. Its latest update says withdrawals are on track to resume Sunday.

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Binance Covers 90% of US$6.3bil Hack Loss — What It Means