Binance has already refunded 90% of the $6.3 billion stolen by North Korean hackers

Crypto giant Binance has already refunded 90% of the $6.3 billion stolen from users wallets by North Korean hackers, the company announced.

The Dubai-based company revealed it “set aside more than $6.34B in company funds to cover hacked losses” and made 90% of losses whole.

“Binance will absorb the financial impact of these stolen funds, not our users,” the company said in boldfaced type in the update sent out on Saturday.

The company emphasized that popular cryptocurrencies Bitcoin, Ethereum, Binance Coin, Solana, XRP, World Liberty Financial USD, Ripple USD, and Zcash are all “fully backed 100%.”

The remaining 10% that still needs to be replenished consist of tokens outside the top ten most popular digital assets. 

“These assets are less liquid, which means they may take longer to source in the required amounts,” the company caveated.

To replenish users wallets Binance took money from its own corporate treasury, used a portion of its Futures insurance fund, and partially deployed money from its emergency Secure Asset Fund for Users, the company stated.

Binance provided snapshots of its Proof of Reserve as well as links to the Secure Asset Fund for Users and its Futures insurance fund to maximize transparency.

“Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident. We will continue to demonstrate this commitment through measurable progress, transparent reporting, and concrete actions,” the company said in a statement.

The company is thought to have been hacked by a notorious North Korean hacking unit TraderTraitor who likely leveraged Artificial Intelligence to exploit unknown security flaws in the cryptoexchange.

Binance announced that there were several “points of breach” detected after the hack — which took just roughly 20 minutes to execute — including one software engineer’s laptop.