Binance covers 90% of $6.3bn hack losses as withdrawals near

Binance said Saturday it has replenished 90% of the $6.3 billion stolen in a Thursday hack, drawing on company funds and its own corporate treasury to cover losses across bitcoin, ethereum, tether, and seven other widely-traded assets. The remaining 10% may take longer to source in required quantities.

The exchange, the world's largest by volume, has pledged full coverage and says it has set aside more than $6.34 billion in company funds for that purpose. Withdrawal services remain suspended but are expected to resume Sunday, 1 November.

Binance co-chief executive Richard Teng said multiple actors carried out the attack, using a self-destruct mechanism to obscure their tracks. The company's initial investigation pointed to a compromised engineer's laptop; a later update identified additional breach points. Law enforcement and intelligence partners have frozen approximately $3 billion of stolen assets.

Two blockchain analytics firms have attributed the attack to the Lazarus Group, the North Korean state-backed operation the FBI previously linked to the $1.5 billion Bybit theft in 2025. The US Secret Service confirmed it is working with private sector partners to trace and recover remaining funds.

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Kendall Cross

Legal Markets Analyst & Paralegal

Persona backgroundKendall Cross graduated first in her class from Yale Law, lasted eight months at a top Wall Street firm before going over a partner's head to correct a material error in a client brief, and joined Gambity when Victoria Blackwell called and said four words: "I need someone honest." Kendall arrived the next morning.