Binance Replaces Most Stolen Crypto
The exchange has recovered 90% of $6.3 billion lost in an attack the FBI attributes to North Korea.
By Ethan Mitchell ·
Binance has replaced 90% of the cryptocurrency stolen in a hack that cost the exchange $6.3 billion.
The remaining 10% consists of tokens with lower liquidity, which may take longer to purchase. Co-chief executive Richard Teng stated on Saturday that the company is committed to covering that final portion. He added that users will not bear the financial impact of the incident.
The attack occurred on October 29, 2026. Binance suspended user withdrawals immediately after the breach. The company resumed some withdrawals on Sunday and plans to roll out the rest in phases to ensure stability.
The FBI confirmed on Saturday that a North Korea-affiliated group called TraderTraitor was responsible for the theft. The agency said it observed TraderTraitor actors converting the stolen assets into ethereum. The FBI expects those assets to be laundered further through decentralized finance and instant swap services. It urged private sector entities to block transactions with or derived from the addresses TraderTraitor actors are using.
TraderTraitor is believed to be part of the Lazarus Group. That group gained notoriety in 2014 for hacking Sony Pictures. The FBI stated in a release that North Korea was responsible for the theft of more than $6 billion in virtual assets.
Teng described the breach on Friday as a complex attack. He said it involved a compromised laptop and malicious software designed to delete evidence of its activity. Binance set aside about $6.34 billion in company funds to cover the losses. The money came from its $1 billion Secure Asset Fund for Users, part of its Futures Insurance Fund, and its corporate treasury.
Bitcoin fell nearly 5% after the hack news broke. Ethereum dropped nearly 6%, and BNB, the token native to Binance, tumbled nearly 10%.
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