Crypto firm Binance covers 90% of losses after $6.3bn hack

According to BBC News, Binance has successfully replaced 90% of the $6.3 billion in assets stolen during a major cyberattack on Thursday. The exchange, which is the largest of its kind, confirmed that it has utilized its corporate treasury and other reserves to restore funds for its users. While the remaining 10% may take additional time to procure, the company maintains its commitment to fully cover all losses for its clients.

The hack is currently considered the largest in cryptocurrency history, surpassing a previous record-setting theft from the Bybit exchange in 2025. Investigations into the breach have revealed that multiple individuals likely orchestrated the attack using advanced techniques, including self-destruct mechanisms to evade detection. While officials initially suspected a compromised engineer's laptop, further analysis has identified additional entry points.

Collaborative efforts between the exchange, intelligence firms, and law enforcement agencies—including the US Secret Service—have led to the freezing of approximately $3 billion in stolen assets. Meanwhile, blockchain analytics companies have suggested that the North Korean state-backed Lazarus Group may be responsible for the theft. Binance stated it is working to resolve the issue and expects to resume withdrawal services for its users by November 1.

Source: BBC News — https://www.bbc.co.uk/news/articles/ckpdg3ql4169o?at_medium=RSS&at_campaign=rss