Binance says 90% of losses from $6.3bn hack covered as FBI says North Korea behind attack - The Guardian

Cryptocurrency exchange Binance has recovered 90% of the $6.3bn stolen in a record hack, with the FBI confirming North Korea was behind the attack. The remaining 10% of tokens are less liquid and may take longer to buy, but the company has committed to covering all losses.

North Korean Connection

The FBI confirmed that a North Korea-affiliated group called TraderTraitor was responsible for the theft on October 29, 2026. TraderTraitor is believed to be part of the Lazarus Group, which gained notoriety in 2014 for hacking Sony Pictures.

The Federal Bureau of Investigation (FBI) is releasing information advising the Democratic People's Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance.

Binance Response

Binance suspended user withdrawals after the hack but plans to resume them on Sunday. The company has set aside $6.34bn to cover the losses, using its $1bn Secure Asset Fund for Users, Futures Insurance Fund, and corporate treasury.

Co-CEO Richard Teng described the breach as a "complex attack" involving a compromised laptop and malicious software designed to delete evidence. "Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident," the company stated.

Market Impact

The hack caused significant market disruption, with Bitcoin plunging nearly 5%, Ethereum dropping nearly 6%, and BNB, native to Binance, tumbling nearly 10%. The attack has raised concerns about North Korea's ability to generate revenue through illicit means despite international sanctions.