Binance, the world’s largest cryptocurrency exchange, has confirmed it has reimbursed 90% of the $6.3 billion in assets stolen during a massive security breach on Thursday. The company stated that it is using its own corporate treasury and various internal funds to cover the losses, ensuring that users do not bear the financial burden.
Richard Teng, Binance’s co-chief executive officer, emphasized the company’s commitment to full restitution in a statement released on Saturday. “Binance will absorb the financial impact of these stolen funds, not our users,” Teng said. The exchange has set aside more than $6.34 billion to address the incident, which is suspected to be the largest theft in the history of the cryptocurrency industry.
Withdrawal Services Resume Sunday
The immediate priority for the exchange is restoring normal operations for its hundreds of millions of users. Binance announced that it remains on track to reopen withdrawal services on Sunday, November 1. The company indicated that the remaining 10% of the stolen assets may take additional time to source and replenish, but the primary goal is to allow users to access their funds as quickly as possible.
According to the company, all holdings of major cryptocurrencies including bitcoin, ethereum, and Tether are covered. The reimbursement also extends to seven other widely traded crypto assets. This comprehensive coverage aims to stabilize the platform and restore confidence among traders who were unable to move their funds during the outage.
North Korean Hackers Suspected
Investigations into the breach point toward a sophisticated state-sponsored group. Two major blockchain analytics firms have identified The Lazarus Group, also known as TraderTraitor, as the likely culprit. This group is widely believed to be backed by the North Korean government and has been linked to previous high-profile heists, including a $1.5 billion theft from the Bybit exchange in 2025.
Teng revealed that the hack was carried out by more than one person using advanced techniques to conceal their activities. The attackers employed a “self-destruct mechanism” to hide their tracks, complicating the forensic analysis. Initial reports suggested that a compromised engineer’s laptop provided the entry point, but subsequent updates indicated additional points of breach within the system.
Law enforcement agencies are actively involved in the recovery efforts. The US Secret Service stated on Friday that it is working around the clock with private sector partners to trace and freeze the stolen funds. Binance reported that it had already frozen approximately $3 billion of the stolen assets through collaboration with intelligence firms and law enforcement.
The Federal Bureau of Investigation (FBI) has previously attributed significant crypto thefts to North Korean actors, reinforcing the suspicion surrounding this incident. The investigation remains ongoing as authorities work to identify all individuals involved and recover the remaining stolen capital.
Source: BBC
