Binance begins buying back stolen altcoins using Bitcoin, Ethereum after $6.3B hack

Binance has begun buying back cryptocurrencies stolen in its $6.3 billion security breach, using company reserves and market purchases to replace affected assets in matching token amounts as investigators continue tracing the stolen funds. Summary Binance says it has reserved more than $6.34 billion to cover losses from the October 29 security breach. The exchange already holds $5 billion in the affected tokens and is buying the remaining assets through exchanges and OTC desks. Co-founder Yi He says Binance is using its SAFU fund and company holdings, including BTC and ETH, to replace stolen altcoins. Chainalysis has linked the attack to North Korea’s TraderTraitor group and identified unusual automated laundering activity. Binance’s Thai partner Gulf has offered liquidity assistance, although CZ says the exchange can cover its losses independently. As per of an October 30 company update, the exchange has reserved more than $6.34 billion to cover the incident, including $5 billion already held in the same cryptocurrencies that attackers transferred from its wallets. Binance is purchasing the remaining tokens through cryptocurrency exchanges and over-the-counter (OTC) trading desks....