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Sun, 01 Nov 2026

Sun, 01 Nov 2026 Crypto firm Binance covers 90% of losses after $6.3bn hack

The Federal Bureau of Investigation (FBI) says North Korea was responsible for the hack.
Binance, the world's largest cryptocurrency exchange, has covered around $5.7 billion (90%) of the stolen assets from a recent hack. The remaining $637 million (10%) may take longer to recover. Binance has pledged to cover 100% of users' losses. Withdrawals on several of its networks have been restored after being suspended following the hack. The Federal Bureau of Investigation (FBI) suspects North Korea was responsible for the attack, citing evidence that hackers converted stolen assets into Ethereum and used decentralised finance services. Binance has replenished the stolen assets using various funds and its own corporate treasury. All holdings of bitcoin, Ethereum, Tether, and seven other widely-traded cryptocurrencies are covered. The hack is believed to be the largest in history, eclipsing a previous record of $1.5 billion on the Bybit exchange in 2025. Binance's investigation suggests that more than one person was involved and used sophisticated methods to hide their tracks. The US Secret Service is working with law enforcement and private sector partners to identify, freeze, trace, and recover funds stolen from Binance.