Binance covered 90% of the losses resulting from the hacking incident
Binance has announced that it will cover 90 percent of the financial losses resulting from a recent cyberattack by purchasing tokens, while reserving over $6.34 billion from its own funds to address the total impact. The remaining 10 percent of stolen assets consists of less liquid tokens, which require more time to acquire. Following the attack, withdrawals were temporarily blocked but have now been re-enabled for Bitcoin, with other networks to follow. The US Federal Bureau of Investigation attributes the breach to the North Korean hacking group TraderTraitor, who allegedly converted the stolen funds into Ethereum. Major cryptocurrency values dropped significantly upon the news, with Bitcoin and Ethereum losing around five to six percent and Binance’s BNB token falling nearly ten percent.
On Sunday, the world’s largest cryptocurrency exchange by daily trading volume, Binance, resumed customer withdrawals for the first time since a massive hack occurred on Thursday. The platform announced that it has used its own reserves to replace approximately 90 percent of the stolen assets, totaling roughly $6.3 billion. Binance stated that the remaining 10 percent consists of less liquid tokens, which will require more time to acquire. The company emphasized that users will not bear any financial impact from the incident. The intrusion took place on October 29, 2026. According to the Federal Bureau of Investigation, hackers stole over $6 billion in virtual assets in just twenty minutes. This event marks the largest recorded cyberattack in history. Following the breach, Binance immediately suspended all withdrawal capabilities to prevent further loss of funds. On Saturday, the exchange disclosed that it had set aside approximately $6.34 billion from its internal funds to cover the losses. These resources included portions of its $1 billion Secure Asset Fund for Users, a Bitcoin reserve intended to protect customers during security incidents, along with funds from its Futures Insurance Fund and corporate treasury. Co-CEO Richard Teng described the breach as a complex attack on Friday. He explained that the compromise involved a laptop belonging to one of the company’s engineers. Malicious software was deployed on the device, specifically designed to delete evidence of the attackers' activities, thereby complicating tracing and investigation efforts. Despite these challenges, Binance worked with other ecosystem participants to trace the stolen assets. The company began purchasing replacement tokens on the open market to offset the missing balances. Law enforcement agencies have identified the perpetrators. On Saturday, the FBI released a statement confirming that the Democratic People’s Republic of Korea was responsible for the theft. The agency attributed the attack to a North Korean state-sponsored unit known as TraderTraitor. This group is believed to be part of the Lazarus Group, which gained international notoriety in 2014 for allegedly hacking Sony Pictures in retaliation for a film mocking North Korean leader Kim Jong-un. TraderTraitor was previously linked to a $1.5 billion theft from the Bybit platform last year. The FBI noted that it observed members of the unit converting the stolen assets into Ethereum. Investigators expect the criminals to further launder the proceeds by utilizing decentralized finance systems and instant swap services. In response, the FBI published a list of approximately 500 Ethereum addresses currently being used by TraderTraitor actors to wash the stolen funds. The agency urged private sector entities, including cryptocurrency platforms, decentralized finance services, and blockchain analysis firms, to block transactions associated with these specific addresses. Market reactions followed the news of the record-breaking hack. Prices for major cryptocurrencies declined on Friday. Bitcoin lost approximately five percent of its value, while Ethereum dropped by about six percent. The price of BNB, a token associated with Binance, fell nearly ten percent. The incident occurred against a backdrop of growing concern among observers regarding whether rapidly advancing artificial intelligence models could threaten cryptographic protocols and information technology security standards. Binance detailed the phased restoration of services in a post on the social media platform X. The initial phase of restored withdrawals applies to the Bitcoin network. Subsequent phases will include other networks such as Ethereum and BNB Smart Chain. The company warned that users might experience temporary delays or longer processing times due to high traffic volumes during this transition period. As part of its transparency measures, Binance conducted a new snapshot of assets held on its platform as of midnight on October 31. This update is part of its proof-of-reserves process. Users holding ten listed tokens, including Bitcoin, Ethereum, Tether, BNB, Solana, USDC, XRP, USD1, RLUSD, and Zcash, will be able to verify that their assets are backed at a minimum ratio of 1:1 once the full proof becomes available. The exchange expressed gratitude for the support received from the FBI Cyber Branch during the crisis. Binance reiterated its commitment to fully covering the financial consequences of the stolen funds. While the majority of the stolen value has been compensated, the acquisition of the remaining illiquid tokens continues. The company indicated that additional assets and networks will be restored in subsequent phases following the completion of necessary security checks. Further updates regarding the status of withdrawals and asset recovery are expected to be shared through official Binance channels.
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Following a Thursday cyberattack that compromised over five billion euros, Binance has resumed withdrawals for users. The exchange stated that it has recovered approximately 95 percent of the lost funds using its reserves, while the remaining five percent consists of less liquid cryptocurrencies that require more time to acquire through market purchases. Binance emphasized that customers will not suffer any financial loss. The US Federal Bureau of Investigation attributed the attack to a North Korean unit named TraderTraitor. The FBI noted that the attackers have begun laundering the stolen funds by converting them into Ether and expects further obfuscation steps involving decentralized finance services.
Bias read (Center): The article relies on direct quotes from corporate and law enforcement sources regarding a security incident, presenting factual updates on fund recovery and attribution without employing loaded language or taking a partisan stance.
The cryptocurrency exchange Binance has announced that it has covered 90 percent of the $6.3 billion stolen during a major hack by purchasing tokens with corporate funds. The remaining 10 percent involves less liquid assets that require more time to secure. Following the attack, which occurred on Thursday, withdrawals were temporarily suspended but have now been partially resumed for Bitcoin users. The US Federal Bureau of Investigation attributes the breach to the North Korean hacking group TraderTraitor, who allegedly converted the stolen funds into Ethereum. Major cryptocurrencies experienced price drops in response to the news, with Bitcoin and Ethereum falling approximately five to six percent and Binance’s native token dropping nearly ten percent.
Bias read (Center): The article relies on neutral reporting verbs and cites official investigations and market data without employing loaded language or taking a stance on regulatory implications.
The cryptocurrency exchange Binance announced that it has secured compensation for 90 percent of the $6.3 billion stolen in a recent hacking attack by purchasing tokens with corporate funds. The remaining 10 percent involves less liquid assets that require more time to acquire. Following the incident, which occurred on Thursday, withdrawals were temporarily suspended but have now resumed in phases, starting with Bitcoin network assets. The U.S. Federal Bureau of Investigation attributed the attack to the North Korean group TraderTraitor, who allegedly converted the stolen funds into Ethereum. Major cryptocurrencies experienced price drops in response to the news, with Bitcoin falling approximately five percent and Binance’s native token BNB dropping nearly ten percent.
Bias read (Center): The article relies on neutral reporting of corporate statements and official FBI findings regarding a cybercrime event, using objective language without editorializing or taking a stance on regulatory implications.
Binance has announced that it will cover 90 percent of the financial losses resulting from a recent cyberattack by purchasing tokens, while reserving over $6.34 billion from its own funds to address the total impact. The remaining 10 percent of stolen assets consists of less liquid tokens, which require more time to acquire. Following the attack, withdrawals were temporarily blocked but have now been re-enabled for Bitcoin, with other networks to follow. The US Federal Bureau of Investigation attributes the breach to the North Korean hacking group TraderTraitor, who allegedly converted the stolen funds into Ethereum. Major cryptocurrency values dropped significantly upon the news, with Bitcoin and Ethereum losing around five to six percent and Binance’s BNB token falling nearly ten percent.
Bias read (Center): The article maintains a neutral tone by relying on direct quotes from Binance and official FBI findings regarding the North Korean attribution, presenting market data without editorial commentary or value judgments.
Cryptocurrency exchange Binance announced on Saturday that it has secured compensation for 90 percent of the $6.3 billion stolen during a recent hacking incident. The company stated that it used its own funds to cover these losses. On Monday, Binance initiated the first phase of payments to affected users after having restricted withdrawals following the attack that occurred on Thursday. This move aims to restore user confidence and stabilize the platform’s operations amidst significant financial strain.
Bias read (Center): The article reports corporate financial actions and security incidents using neutral, factual language without political commentary or partisan framing.
The Federal Bureau of Investigation has confirmed that North Korea is responsible for a massive cyberattack on the cryptocurrency exchange Binance. The incident occurred on October 29, during which hackers stole approximately $6.3 billion in digital assets within just twenty minutes. This event is described as the largest hack in history according to the provided text. The report cites the FBI as the primary source for these findings. No further details regarding the specific methods used by the attackers or the immediate aftermath were included in the brief excerpt.
Bias read (Center): The article relies exclusively on official FBI statements without adding independent commentary, contrasting perspectives, or speculative framing, resulting in a neutral presentation of the reported facts.
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