Majority of funds stolen in cryptocurrency hack replenished, Binance says - Radio Royal
Binance has replenished 90% of cryptocurrency assets stolen in a major hack valued at over $6.3 billion, with the company promising to absorb all financial losses.
The security exploit targeted one of the world's biggest cryptocurrency trading platforms, with deposits and withdrawals suspended for customers. Binance insisted user funds were safe and all hacking losses would be covered by the company.
In a statement on Saturday, Binance announced that "90% of stolen assets have been replenished" and the company is "on track to reopen our withdrawals within our previously stated timeframe" of Sunday, November 1, 2026.
Attack Complexity
Richard Teng, Binance's co-CEO, revealed that the "initial investigation suggests this security incident may have started with a compromised DevOps engineer's laptop." He emphasized that "the attacker did not simply use one engineer's permissions, and this was not a single 'one-click' action."
It involved a more complex attack process.
Industry Response
Ari Redbord of TRM Labs described the hack as "extraordinary" for its size and response, noting that the attacker moved billions across eight blockchain networks in about 15 minutes. The elite North Korean hacking unit, theTraderTraitor group, has been linked to similar attacks.
Binance froze over $3 billion in digital assets to prevent them from being cashed out. The company's Secure Asset Fund for Users (SAFU), established in 2018, will cover all losses, with Binance absorbing the financial impact rather than passing costs to users.
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