Binance covers $6 billion of $6.3 billion stolen in hack
The cryptocurrency exchange used company funds and reserves to replace most of the assets stolen in a major cyberattack.
Binance has recovered $6 billion of the $6.3 billion stolen from its platform during a cyberattack, according to reports by India Today, Business Standard and Times Now. The world's largest cryptocurrency exchange used company money to buy replacement tokens to cover the losses.
The US Federal Bureau of Investigation (FBI) stated on Saturday that the North Korean state-sponsored unit known as TraderTraitor was responsible for the attack. The FBI observed members of the unit converting stolen assets into ethereum and expects further laundering of the assets.
The theft, which occurred on October 29, 2026, involved the unauthorised movement of assets across 10 blockchain networks. Investigators reported that the bulk of the theft took place in approximately 20 minutes, following preparations that began at least 36 hours earlier.
To cover the impact, Binance used its $1 billion Secure Asset Fund for Users (SAFU), its Futures Insurance Fund, and its corporate treasury. Co-CEO Yi He said on Saturday that 50 per cent of SAFU funds would be used, and the company committed to replenishing the fund to approximately $1 billion.
Co-CEO Richard Teng described the breach as a complex attack involving a compromised laptop and malicious software. Binance had temporarily stopped customer withdrawals but stated it was on track to reopen them on Sunday.
The remaining stolen amount is less than 10 per cent and consists of less liquid assets that may take longer to source. Binance has set aside around $6.34 billion of internal funds to cover the losses.