Binance reimbursed clients $6.3 billion after cyberattack — The Hindu

Cryptocurrency exchange Binance said it had fully reimbursed clients by November 2 for funds lost as a result of the October 29 cyberattack. According to The Hindu, the volume of stolen assets amounted to approximately $6.3 billion.

The attack lasted about 20 minutes

On the morning of October 29, Binance users began receiving notifications about unexpected debits from their accounts. According to the publication, the theft of assets lasted about 20 minutes. By November 2, the company had compensated clients for 100% of the lost amounts.

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Binance’s preliminary version

Binance said that a preliminary investigation points to a compromised laptop belonging to one of its engineers. According to the company, this may have allowed the attacker to submit unauthorized withdrawal transactions.

The search for those involved in the attack and recovery measures are ongoing. In July 2018, Binance created the Secure Asset Fund for Users, or SAFU, to protect users’ funds in exceptional situations, including in the event of security breaches or platform-level incidents.