Binance, the world’s largest cryptocurrency exchange, says it has secured funds to cover about 90% of the $6.3 billion in assets stolen in a major hack, as it works towards reimbursing affected users.
The company said the remaining 10% could take longer to source in the required amounts. It has, however, maintained its commitment to cover the full value of the stolen assets.
In a statement on Saturday, Binance disclosed that it had set aside more than $6.34 billion in company funds to absorb the financial impact of the incident.
“Binance will absorb the financial impact of these stolen funds, not our users,” the company said.
The exchange also announced on Sunday that withdrawals had been restored across several of its networks. The service had been suspended following the attack, with Binance previously indicating that withdrawals would resume in phases.
The Federal Bureau of Investigation (FBI) has attributed the hack to North Korea, saying it had identified activity linked to the country's cyber actors.
According to the FBI, the hackers have been converting the stolen assets into Ethereum, with expectations that the funds could subsequently be moved through decentralised finance platforms and instant cryptocurrency swap services.
The incident is suspected to be the largest cryptocurrency theft on record, raising renewed concerns about security risks in the digital asset industry.
Binance's commitment to cover the losses is intended to shield users from the financial consequences of the attack, although the company says sourcing the remaining funds could take additional time.
