Crypto firm Binance covers 90% of losses after $6.3bn hack

Binance, described as the world’s largest cryptocurrency exchange, says it has covered 90% of the assets stolen in a hack on Thursday. The stolen assets were valued at $6.3 billion, or £4.7 billion.

Exchange reports large recovery effort

The company’s statement indicates that it has taken responsibility for the majority of the reported losses following the security breach. Binance did not provide further details about the incident in the available information.

What the disclosure means

The scale of the reported theft makes the incident significant for Binance and the wider cryptocurrency industry. Covering 90% of the stolen assets limits the portion of losses left unresolved, although the company did not state how the coverage was arranged or when the remaining assets would be addressed.

The disclosure also highlights the financial exposure associated with security breaches at major cryptocurrency exchanges. No additional information was provided about the cause of the hack, the assets involved or the identity of those responsible.

Key details

• The hack took place on Thursday.
• Binance says $6.3 billion in assets were stolen.
• The exchange says it has covered 90% of the reported losses.

Binance’s statement provides an initial account of its response, but further details about the breach and the remaining losses were not available.