By Fatma Younis
Binance, the world's largest cryptocurrency exchange, said on Saturday it has covered 90% of the $6.3bn in assets stolen in a hack on Thursday, using corporate funds to ensure users do not bear the loss. The remaining 10% may take longer to source, the company added.
Full reimbursement pledged
Binance has pledged to cover 100% of losses from what is suspected to be the largest crypto hack on record, setting aside more than $6.34bn in company funds. "Binance will absorb the financial impact of these stolen funds, not our users," the company stated. Holdings of bitcoin, ethereum, Tether and seven other widely traded crypto assets are covered.
Withdrawal services to resume
The exchange aims to reopen withdrawal services on Sunday, 1 November, and will provide a further update once details are confirmed.
Investigation points to North Korean group
Binance's initial investigation suggested an engineer's compromised laptop allowed unauthorized withdrawals, but later updates revealed additional breach points. Co-CEO Richard Teng said the hack was carried out by multiple individuals using sophisticated methods, including a "self-destruct mechanism" to hide tracks. The company said it froze around $3bn of stolen assets with help from law enforcement and intelligence firms. Blockchain analytics firms attribute the attack to the North Korean state-backed Lazarus Group, also known as TraderTraitor. The FBI previously linked North Korea to a $1.5bn hack on the Bybit exchange in 2025. North Korea denies involvement.
