Binance says 90% of losses from $6.3 billion hack covered as FBI says North Korea behind attack | Binance

Cryptocurrency exchange Binance says it has replaced 90% of the amount stolen after a record $6.3 billion hack of its platform by a group the FBI identified as being backed by North Korea.

The remaining 10% of tokens are less liquid, meaning they may take longer to purchase, the company said in an article on X on Saturday. Co-CEO Richard Teng said separately that the company was “committed to covering the remaining 10%” and that “users will not bear the financial impact of this incident.”

Binance suspended user withdrawals after the hack, but said in its latest update that it was set to resume them on Sunday.

The announcement comes as the FBI on Saturday confirmed suspicions from private investigators and analysts that a North Korea-affiliated group called TraderTraitor was behind the hack.

TraderTraitor is reportedly part of the Lazarus Group, which gained notoriety in 2014 when it was accused of hacking Sony Pictures in revenge for The Interview, a film that mocked North Korean leader Kim Jong-un.

“The Federal Bureau of Investigation (FBI) is releasing information indicating that the Democratic People’s Republic of Korea (North Korea) was responsible for the theft of more than $6 billion in virtual assets from the Binance cryptocurrency exchange on or about October 29, 2026,” the law enforcement agency said in a statement.

The FBI added that it observed “TraderTraitor actors” converting stolen assets into Ethereum and that it expected these assets to be further laundered by converting them using decentralized finance and instant exchange services.

It said it was urging private sector entities “to block transactions with or derived from the addresses that TraderTraitor actors use to launder these stolen assets.”

Teng said Friday the breach was a “complex attack” involving a compromised laptop and malware designed to remove evidence of its activity, making it “more difficult to trace and investigate.”

Binance said it had set aside approximately $6.34 billion in corporate funds to cover losses.

“Our commitment remains the same: Binance will fully cover the financial impact of funds stolen in this incident,” the company said.

The money spent buying back tokens came from using part of its $1 billion User Secure Asset Fund, a reserve of bitcoin it holds to protect customers in the event of security breaches, as well as part of its futures insurance fund and the company’s own cash, he said on X.

The attack on Binance came as many observers express concerns that the ever-increasing capabilities of artificial intelligence models could compromise cryptography and computer security protocols.

Bitcoin plunged almost 5% after news of the hack, while Ethereum fell almost 6% and Binance’s native BNB fell almost 10%.

The sheer scale of the hack highlighted the ability of North Korea – which faces significant international sanctions over its nuclear and missile programs – to find illicit ways to capture revenue.