Binance Sets Aside $6.34 Billion to Cover Losses From Record Crypto Hack
Binance says it has reserved more than $6.34 billion of its own funds to cover user losses after a hack, with roughly $3 billion in stolen assets frozen.
AfroEuropa Newsroom
AfroEuropa desk
Binance said it has set aside more than $6.34 billion of its own funds to cover user losses stemming from a hack in which about $6.3 billion in assets were stolen, according to reporting by CoinDesk, Cointelegraph and Decrypt.
The exchange said roughly $3 billion of the stolen funds have been frozen. According to Cointelegraph, Binance is working with law enforcement, including the FBI, to recover the frozen assets.
Binance said it holds more than $5 billion in matching tokens to cover the losses and that it would include the reserved assets in its next proof-of-reserves report, Cointelegraph reported.
Blockchain analytics firms TRM and Chainalysis attributed the hack to the group known as TraderTraitor, linked to North Korea, the same group they blame for the Bybit hack, according to Decrypt.
Keep reading
Tether Posts $1.5 Billion Q3 2026 Profit as Excess Reserves Approach $8 Billion
The stablecoin issuer reported quarterly net operating profit of $1.5 billion and said its reserve buffer nearly doubled to close to $8 billion.
Other highlights
WhatsApp Rolls Out Group Status and Message-Sharing Updates
The messaging app introduced Group Status updates visible only to group members, along with tools to share old messages with new members and pin messages.
Follow the story
One newsletter, two continents
The Bridge brings you the tech, startups, and leaders moving between Africa and Europe in one sharp email each morning. No spam, unsubscribe anytime.
