Crypto firm Binance covers 90% of losses after $6.3bn hack

What the report says

Binance, the world’s largest cryptocurrency exchange, says it has restored 90% of the $6.3 billion in digital assets stolen in a hack on Thursday, with the remaining amount expected to take longer to replace. The company said it has committed more than $6.34 billion of its own funds to make users whole and emphasized that it will bear the financial impact rather than customers. It also said it has replenished assets through a mix of company reserves and other funds.

The exchange said withdrawals remain its next priority and that it is still aiming to reopen them on Sunday, 1 November, pending confirmation of the final details. Binance said the recovered holdings cover bitcoin, ethereum and Tether, plus seven other commonly traded crypto assets. The investigation into the breach is continuing, and the company said it has worked with law enforcement, intelligence specialists and partners to freeze about $3 billion in stolen assets.

BBC News reports that the theft is believed to be the largest crypto hack on record, overtaking a $1.5 billion attack on Bybit. Binance initially said an engineer’s laptop may have been compromised, later adding that there were additional points of breach. Co-chief executive Richard Teng said the attackers appeared to be a group using sophisticated methods to conceal their activity.

According to the BBC, two blockchain analytics firms say they have strong intelligence linking the operation to a North Korean state-backed group known as Lazarus Group, or TraderTraitor. North Korea has denied involvement in previous cyberattacks.