Binance, the world's largest cryptocurrency exchange, has recovered 90% of the $6.3bn in assets stolen during a massive hack on Thursday. The remaining 10% may take longer to source, the company said. Binance has pledged to cover all losses from what is suspected to be the biggest hack in crypto history, setting aside over $6.34bn in company funds to do so. The company emphasized that users will not bear the financial impact of the stolen funds.
The hack affected holdings of bitcoin, ethereum, Tether, and seven other widely-traded crypto assets. Binance aims to resume withdrawal services for users on Sunday, November 1, pending further updates. The hack surpassed the previous record of a $1.5bn heist on the Bybit exchange in 2025.
Initial investigations suggested an engineer's compromised laptop allowed unauthorized withdrawals, but later updates revealed additional breach points. Richard Teng, Binance's co-CEO, stated that the hack involved multiple individuals using sophisticated methods, including a 'self-destruct mechanism' to hide their tracks.
On Friday, Binance froze around $3bn of stolen assets with the help of law enforcement and intelligence firms. The FBI and two blockchain analytics firms suspect North Korea's state-backed group, The Lazarus Group, also known as TraderTraitor, may be responsible. North Korea has consistently denied involvement in such attacks.