Binance Covers 90% of Losses from $6.3bn Hack as FBI Blames North Korea

Cryptocurrency exchange Binance says 90 percent of losses from a record $6.3bn hack have been replaced, following a massive security breach on its platform. According to the Guardian, the digital asset trading platform announced that withdrawals are expected to resume following the security incident.

FBI Attributes Attack to North Korea

The Federal Bureau of Investigation confirmed on Saturday that a North Korean state-sponsored group known as TraderTraitor was responsible for the theft of more than $6 billion in virtual assets. The law enforcement agency stated that the actors are believed to be part of the Lazarus Group, which previously gained notoriety in 2014 for hacking Sony Pictures.

The FBI observed the TraderTraitor actors converting stolen assets into Ethereum and warned that the funds are expected to be laundered further through decentralized finance and instant swap services. Private sector entities have been urged to block transactions linked to the addresses utilized in the laundering process.

Binance Recovery and Financial Impact

In a post on X, the company explained that the remaining 10 percent of stolen tokens consist of less liquid assets that may take longer to purchase. Co-CEO Richard Teng emphasized that the platform is fully committed to covering the remaining 10 percent, assuring that users will not bear the financial impact.

Binance disclosed that it set aside approximately $6.34bn of company funds to cover the losses. The capital used to re-purchase the tokens was drawn from multiple sources, including a portion of its Secure Asset Fund for Users—a bitcoin reserve maintained to protect customers—alongside its Futures Insurance Fund and the corporate treasury.

Market Reaction and Broader Context

The complex attack, which Teng noted involved a compromised laptop and malicious software designed to delete evidence, sent ripples through the digital currency markets. Following the news of the breach, Bitcoin plunged nearly 5 percent, Ethereum dropped nearly 6 percent, and Binance’s native token, BNB, tumbled nearly 10 percent.

The scale of the breach highlights how North Korea, which faces extensive international sanctions over its nuclear and missile programs, continues to target virtual assets to capture illicit revenue. Binance stated that user withdrawals, which were suspended after the breach, were on track to resume on Sunday.

Source: Binance says 90% of losses from $6.3bn hack covered as FBI says North Korea behind attack (source-feed timestamp 2026-11-01T02:41:34+00:00). AI-assisted report based on the cited linked article and its RSS feed; details were not independently verified.