Business · Sri Lanka Bureau
Binance recovers 90% of stolen assets following major cryptocurrency breach
The world's largest cryptocurrency exchange has recovered nine-tenths of the $6.3 billion in digital assets compromised in a major security breach. Binance said the remaining 10% of losses may require additional time to recover.
LSN Sri Lanka ·
Binance announced it has successfully recovered approximately 90 percent of the assets stolen in what is believed to be the largest cryptocurrency hack on record. The breach, which occurred on Thursday, resulted in the loss of $6.3 billion worth of digital holdings.
The company committed to covering all losses incurred by affected users, though it cautioned that sourcing the final 10 percent of stolen assets may prove more time-consuming. Binance indicated that the remaining funds would be recovered gradually as they become available through its recovery processes.
The hack represents a significant security incident for the cryptocurrency industry and raises fresh concerns about the vulnerability of major digital asset exchanges to cyber attacks. Binance, which handles a substantial portion of global cryptocurrency trading volumes, has consistently maintained that customer funds are protected under its loss-coverage guarantee.
The exchange stated it is conducting a comprehensive investigation into the breach and implementing enhanced security measures to prevent similar incidents. Binance has not yet publicly identified the suspected perpetrators of the attack.