Binance says it has covered 90% of the losses from the largest hack in cryptocurrency history

The exchange has reimbursed most of the stolen funds

The world's largest cryptocurrency exchange Binance announced that it has covered 90% of the losses from a hacker attack, in which assets worth $6.3 billion were stolen. The company made the announcement on the social network X and in a separate statement, noting that assets in BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are fully backed — at 100%. The remaining 10%, according to the exchange, may take more time to buy back in the required volumes. Binance assured that it will continue purchasing the missing tokens through market and over-the-counter channels until the backing of each asset reaches 100%, and is taking the financial losses from the theft upon itself: “Binance will absorb the financial impact of these stolen funds, not our users”.

What is known about the hack and the investigation

The attack took place on Thursday, October 29, and is estimated to be the largest hack in the history of cryptocurrencies, surpassing the record $1.5 billion stolen from the Bybit exchange in 2025. According to the initial investigation, the attackers gained access through a hacked laptop belonging to an exchange engineer, but Binance later reported “additional points of entry.” The company's co-CEO Richard Teng stated that the attack was carried out by several people who used sophisticated methods to cover their tracks, including a “self-destruct mechanism.” After the incident, the exchange suspended deposits and withdrawals, and by Friday it had frozen about $3 billion of the stolen assets while working with law enforcement, intelligence firms and partners. The US Secret Service said it is “working around the clock” to identify, freeze and recover the funds. The investigation is ongoing.

Who is suspected and what comes next

Two major blockchain analytics companies said they have compelling data linking the attack to the Lazarus Group (also known as TraderTraitor), which operates with state backing — according to them, that state is North Korea. North Korea has always denied involvement in such attacks; the FBI previously held it responsible for the theft of $1.5 billion from the Bybit exchange. Binance's next goal is to resume withdrawals: the company said it remains on track to open withdrawals on Sunday, November 1, and will provide updates once details are confirmed. For users, this means that their funds, according to the exchange's statements, will be fully reimbursed from Binance's corporate funds — the company replenished the assets from various funds and its own treasury, reserving more than $6.34 billion.