Binance Covers 90% of $6.3 Billion Crypto Hack Losses
Binance, the world’s largest cryptocurrency exchange, says it has secured funds to cover approximately 90% of the $6.3 billion in cryptocurrency assets stolen during a major cyberattack on Thursday.
The company said the remaining 10% could take additional time to obtain in the required quantities. It has pledged to compensate for the entire loss using corporate resources, assuring customers that their funds will not be affected.
In a statement released on Saturday, Binance said it had allocated more than $6.34 billion from company funds to cover the stolen assets.
Binance Pledges to Cover All Stolen Funds
Binance said it had replenished the stolen cryptocurrency through a combination of available funds and resources from its corporate treasury.
The exchange confirmed that its coverage includes Bitcoin, Ethereum and Tether, alongside seven other widely traded digital currencies.
The company reiterated that it would absorb the financial consequences of the incident rather than pass the losses on to its customers.
FBI Blames North Korea for Cryptocurrency Hack
The Federal Bureau of Investigation (FBI) announced on Saturday that North Korea was responsible for the cyberattack.
Two cryptocurrency analytics firms had previously told the BBC that intelligence pointed towards the Lazarus Group, a North Korean state-backed hacking organisation also known as TraderTraitor.
The FBI specifically identified the group in connection with the attack.
North Korea has consistently denied involvement in cryptocurrency thefts and other cyberattacks attributed to its state-linked hacking operations.
Binance Plans to Restore Withdrawal Services
Alongside its efforts to replace the stolen assets, Binance said its immediate priority was restoring withdrawal services for customers.
The exchange remained on schedule to resume withdrawals on Sunday, 1 November, according to its announcement. It said further information would be provided once the arrangements were confirmed.
The restoration of withdrawals is an important step towards returning normal services following the security incident.
Hack Surpasses Previous Cryptocurrency Theft Record
The incident is believed to be the largest cryptocurrency theft recorded so far, exceeding the $1.5 billion stolen from the Bybit exchange in 2025.
The FBI also attributed that earlier attack to North Korea.
The latest incident has renewed concerns about cybersecurity risks facing major cryptocurrency platforms, particularly the protection of digital assets and the ability of exchanges to maintain customer confidence after large-scale attacks.
