Binance covers 90 percent of record hack losses
Binance, the world's largest cryptocurrency exchange, says it has covered 90 percent of the assets hackers stole from its online platform on Thursday, in what is believed to be crypto's largest hack. The company, founded in China and used worldwide, paid from its own corporate treasury and other funds, the BBC reported on 31 October. The US Federal Bureau of Investigation blamed North Korea, which has always denied involvement.
The stolen assets were worth 6.3 billion dollars, 4.2 times the 1.5 billion dollars taken from the Bybit exchange in 2025, the previous record. Binance says it has set aside more than 6.34 billion dollars of company funds and that all holdings of bitcoin, Ethereum and Tether are covered, along with seven other widely traded crypto assets. Working with law enforcement, intelligence firms and partners, the exchange froze around 3 billion dollars of the stolen funds. Withdrawals, suspended after the attack, have since resumed on several of its networks.
Binance has pledged to cover 100 percent of the losses, but the last 10 percent may take longer to source in the required amounts. Who carried out the attack is not settled: President Donald Trump said the US does not know whether North Korea is responsible. Binance first blamed an engineer's compromised laptop but later found "additional points of breach".
Binance says withdrawals will return in phases. The US Secret Service says it is working with private sector partners to trace and recover the funds. The FBI expects the hackers, who have turned the loot into the cryptocurrency Ethereum, to convert it again through decentralized finance and instant swap services.
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The text reports concrete recovery steps and figures and admits uncertainty about the culprit and the last 10 percent, though it remains mainly an incident report.
The article names concrete responses: Binance has covered 90 percent of the losses from its own funds, froze about 3 billion dollars, and is resuming withdrawals in phases. It gives specific numbers and sources such as the BBC, the FBI and the Secret Service. It also admits open questions, including who carried out the attack, the remaining 10 percent, and the likelihood that the hackers will launder the funds. The score would rise with more detail on how the breach happened, what security changes follow, and how customers are protected in future.
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