Cyberattacks | Software security

Binance Covers 90% of $6.3bn Hack Losses as FBI Points to North Korea

Binance is absorbing user losses itself after a likely record heist the FBI blamed on TraderTraitor hackers. Withdrawals are resuming.

By Content Team

Nov 2, 2026

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Binance has replaced 90% of the $6.3 billion stolen on October 29, 2026, in what’s believed to be crypto’s largest hack, ahead of the $1.5 billion Bybit theft in 2025. Using more than $6.34 billion in company funds, it has fully covered bitcoin, Ethereum, and Tether holdings. The last 10%, in less-liquid tokens, will take longer to buy.

The FBI has blamed North Korea, naming the state-backed group it tracks as TraderTraitor, part of the Lazarus Group. It says the hackers are converting the stolen assets into Ethereum ahead of further laundering. Binance has frozen about $3 billion of those assets with law enforcement and industry partners.

Binance’s early investigation pointed to a compromised engineer’s laptop, though it has since found “additional points of breach.” Co-CEO Richard Teng says more than one attacker took part, using a “self-destruct mechanism” to cover the intrusion. Withdrawals began resuming on several networks on November 1.

Source: BBC News

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