Binance covers 90% of losses after $6.3bn crypto hack
Binance has covered 90% of the $6.3bn assets stolen in a massive hack and plans to resume user withdrawals on November 1.
Stock photo for illustration only, not from the actual event
- Binance has covered 90% of the $6.3bn stolen assets using corporate funds and reserves.
- The exchange remains on track to resume user withdrawal services on Sunday, November 1.
- The incident is believed to be the largest crypto heist in history, surpassing Bybit's 2025 record.
- Blockchain firms and the FBI point to North Korea-backed Lazarus Group as the primary suspect.
Binance, the world's largest cryptocurrency exchange, announced a major milestone following a severe cyberattack, stating it has successfully covered 90 percent of the assets stolen during a hack on Thursday, amounting to 6.3 billion dollars or approximately 4.7 billion pounds.
The remaining 10 percent of the lost assets may require additional time to source in the exact amounts needed, according to company statements. Binance has consistently maintained its commitment to absorbing 100 percent of the losses from what is suspected to be the largest cryptocurrency hack on record, setting aside over 6.34 billion dollars from its corporate treasury to address the crisis.
"Binance will absorb the financial impact of these stolen funds, not our users."
Binance statement
The company explained that it replenished the missing assets by drawing from various internal funds and its corporate reserves. This coverage applies to all holdings of bitcoin, ethereum, and Tether, alongside seven other widely traded digital assets.
Stock photo for illustration only, not from the actual event
Looking ahead, Binance's immediate priority is restoring withdrawal services for its user base. The exchange confirmed it remains on schedule to reopen withdrawals on Sunday, November 1, promising further updates once all operational details are finalized. This security breach significantly eclipses the previous record set by a 1.5 billion dollar heist on the Bybit exchange in 2025.
Multi-billion-dollar cryptocurrency breaches highlight the persistent vulnerabilities within digital asset infrastructure. While major exchanges like Binance often possess the liquidity required to mitigate immediate user losses, such unprecedented incidents profoundly test global investor confidence and underscore the growing complexity of state-sponsored cyber warfare targeting financial systems.
On Friday, the firm reported freezing approximately 3 billion dollars of the stolen funds through collaborative efforts with law enforcement agencies, intelligence firms, and industry partners. Meanwhile, two prominent blockchain analytics companies stated they possess strong intelligence linking a North Korean state-backed hacking syndicate known as The Lazarus Group, or TraderTraitor, to the cyberattack. The Federal Bureau of Investigation previously attributed the 1.5 billion dollar theft from Bybit last year to North Korea, although Pyongyang has consistently denied involvement in these operations.
Source: BBC World
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