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Binance pledges to cover hacking losses as it seeks to freeze assets
Binance co-founder Yi He said the company would cover all hacking losses as about $3 billion in affected assets had been located.
Binance sought to freeze assets affected by a hack, with about $3 billion located so far. Co-founder Yi He said the company would cover all hacking losses, while the company provided no update on another $3.3 billion.
The company said it had temporarily suspended all deposits and withdrawals as a precaution. Its security teams were checking systems, securing wallet infrastructure and tracing affected assets with help from law enforcement and industry partners.
Binance said an initial investigation suggested the breach may have begun with a compromised laptop belonging to one of its engineers. That access allowed an attacker to enter a system and make unauthorized withdrawals, according to the company.
Crypto analysis firms TRM and Chainalysis attributed the attack to TraderTraitor, described as North Korea's elite hacking unit. TRM expressed high confidence in its attribution.
Binance had not explicitly confirmed that funds were stolen, although TRM and Chainalysis said more than $6 billion had been taken. The company said its teams were continuing work to resolve the problem.
Binance.US, a separate cryptocurrency exchange, said it was not affected by the security incident.