Binance-cyberattack

By Chang Dong-woo

WASHINGTON, Nov. 12 (Yonhap) -- Global cryptocurrency exchange Binance said Thursday it has completed covering assets affected by a massive cyberattack blamed on North Korea, after committing more than US$6.34 billion in company funds to make up for the losses.

"Binance has completed coverage of assets impacted in the security incident," the company said in a statement posted on its website.

The company said it used funds from its Secure Asset Fund for Users (SAFU), futures insurance fund and corporate treasury to cover the losses, while acquiring affected cryptocurrencies through market and over-the-counter transactions.

"Binance has committed to replenishing SAFU to return the fund to approximately US$1 billion, ensuring it remains fully resourced as an emergency user-protection reserve," it said.

The announcement follows an Oct. 29 cyberattack in which hackers allegedly linked to North Korea stole more than $6 billion in digital assets from Binance.

The U.S. Federal Bureau of Investigation (FBI) attributed the theft to a North Korean hacking group known as TraderTraitor, warning that the stolen assets could be laundered through decentralized finance platforms and cryptocurrency exchange services.

Kim Yo-jong, the powerful sister of North Korean leader Kim Jong-un, rejected the FBI's findings earlier this month, calling it a "grave political provocation" against Pyongyang.

The U.S. State Department reiterated concerns over North Korea's use of cybercrime to finance its weapons programs, describing the issue as a global problem affecting companies and jurisdictions around the world.

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