Binance Covers 90% of $6.3 Billion Theft as FBI Blames North Korea

Binance has replaced 90% of the $6.3 billion in digital assets stolen in a hack on October 29, 2026. The cryptocurrency exchange stated on Saturday that it is on track to resume user withdrawals on Sunday, ending a temporary suspension imposed after the breach. The remaining 10% of the stolen tokens are less liquid, which may delay their repurchase, according to a post on X.

Co-CEO Richard Teng affirmed that the company is committed to covering the remaining 10% of the loss. He stated that users will not bear the financial impact of the incident. To fund the recovery, Binance drew from its $1 billion Secure Asset Fund for Users, its Futures Insurance Fund, and its corporate treasury. The company set aside approximately $6.34 billion in total to cover the full amount stolen.

The Federal Bureau of Investigation confirmed on Saturday that a North Korea-affiliated group known as TraderTraitor was responsible for the theft. The FBI stated that the group stole more than $6 billion in virtual assets on or about October 29. This attribution aligns with earlier suspicions held by private investigators and analysts. TraderTraitor is believed to be part of the Lazarus Group, which gained international attention in 2014 for hacking Sony Pictures.

The FBI observed TraderTraitor actors converting the stolen assets into Ethereum. The agency expected the group to use decentralized finance and instant swap services to launder the funds further. In a statement, the FBI urged private sector entities to block transactions with or derived from addresses associated with these actors.

Teng described the breach on Friday as a complex attack involving a compromised laptop and malicious software. He noted that the software was designed to delete evidence, making the investigation more difficult. The scale of the theft has drawn attention to North Korea's ability to generate revenue despite extensive international sanctions on its nuclear and missile programs.

Market reactions followed the news of the hack and the subsequent confirmation of its origin. Bitcoin fell nearly 5% after the initial reports. Ethereum dropped nearly 6%, while BNB, the token native to Binance, tumbled nearly 10%. The attack occurred amid growing concerns that expanding artificial intelligence capabilities could compromise existing cryptography and IT security protocols.