Binance: Users will not be affected by the loss

Cryptocurrency exchange Binance published its first report regarding the security incident that occurred on October 29. The company announced that it would cover all financial loss resulting from the incident and that users would not be financially affected by this loss.

According to Binance's statement, more than the entire amount required to cover the loss was allocated. As of November 3, 98 percent of the token assets affected by the incident have been replaced. Users can verify these assets through the exchange's Proof of Reserves page.

What precautions did Binance take after the attack?

The company stated that it took swift action to contain the incident and strengthen relevant systems. The steps listed in the statement are as follows:

The entry points found to have been used in the attack were closed.

Affected systems have been reinstalled or replaced.

Controls on devices have been tightened.

Risk controls on wallet services have been strengthened.

The scope of artificial intelligence-supported anomaly detection has been expanded.

Binance added that it will keep some technical details secret to prevent malicious actors from taking advantage of them in future attacks. It was stated that independent security companies were working for a more comprehensive investigation.

How did the $6.3 billion attack happen?

The stock exchange had previously announced that the attack started with fake job interviews. It was also announced in the early days that the loss of approximately 6.3 billion dollars would not be reflected to users. The new report shows that this promise has largely been fulfilled.