6,340,000,000: Binance reserves funds for record crypto theft

Binance, the largest cryptocurrency exchange in the world, announced on Friday that it has reserved more than $6.34 billion in company funds. The exchange said this amount is intended to cover assets stolen in what appears to be the largest cryptocurrency heist on record.

The company stated that hackers stole more than $6 billion. Blockchain analysis firms have attributed the attack to a North Korean hacking unit. Binance confirmed the theft in a statement released Friday.

To address the loss, the exchange began recovering assets for users. It worked with blockchain partners to freeze approximately $3 billion in affected assets. The remaining funds are held in reserve to ensure all losses are covered.

Binance has promised to cover all losses for affected users. The company is sharing regular updates on its social media channels. These updates provide new information as the company uncovers more details about the hack.

The event occurred on Friday. The $6.34 billion in reserved funds represents the full amount the company has set aside for the incident. This figure exceeds the initial reported theft of over $6 billion.

The theft marks a new high for cryptocurrency heists. Previous records were surpassed by this single event. The involvement of a North Korean unit adds a geopolitical dimension to the financial loss, though Binance did not name the specific unit in its initial statement.

Users are currently in the process of having their assets recovered. The freeze of $3 billion by partners helps secure part of the stolen value. The remaining $3.34 billion in the reserve covers the rest of the reported $6.3 billion theft.

The exchange continues to investigate the incident. It is working to identify all affected accounts and the specific nature of the vulnerability used by the hackers. The company emphasized that the reserve is sufficient to make users whole.

No specific date was given for when the recovery process will be fully complete. Binance stated it will continue to provide updates as it progresses. The $6.34 billion figure is the total amount currently designated for this specific incident.