About 90% of assets in cryptoids stolen after a cyber attack on Binance, one of the world’s largest platforms for cryptovalus trading, have been recovered, according to a company report.
The attack, named one of the largest financial thefts in modern history, resulted in the loss of digital assets worth over $6.3 billion (about 4.7 billion pounds).
After the incident, Banance temporarily suspended deposits and withdrawals for users, while assured customers that their funds were protected and that the company would fully cover losses caused by the attack.
In a statement published on Saturday, Banance indicated that 90% of stolen assets have been recovered, while the company is on track to restore the withdrawal service within the warned deadline.
The remaining 10% consists of lower liquid land, which may take more time to secure in the necessary amounts.
Biance stressed that it will afford all the financial costs of the incident itself, without overcoming losses to the users of the platform.
We’ll publish a further update once details are confirmed, the company’s statement says.
The company made it known that users are covered by its security fund, known as the Siccire Center for hearings. SAFU, created in 2018 to protect customers in extreme cases, including cyber attacks and incidents that affect the safety of the platform.
Binance claims to have more than 335 million users worldwide.
Commenting on the incident, Binance’s co-director, Richard Teng, said initial investigations suggested the attack may have started after compromising the laptop of a DevOps team engineer.
He explained that the attackers had not merely used an employee’s permission and that it was not a single action but a more complex attack process.
Gold Redbord, policy director of the cryptoid analysis company T RM Labs described the incident as an extraordinary attack, both in size and in practice.
According to him, attackers managed to transfer billions of dollars through eight different blockchain networks in just 15 minutes.
He added that the well-known group of North Korean hackers Trader Traitor, who has also been linked to the attack on the Bybi platform, has also been mentioned in connection with the incident.
The hacker in charge is suspected to have been prepared for at least 36 hours before he made it.