Key facts
- Binance will cover 90% of the $6.3 billion stolen in a hack.
- The exchange will absorb the financial impact using corporate funds and treasury.
- Withdrawal services are on track to reopen Sunday, November 1.
- The hack is suspected to be the largest in crypto history.
- Around $3 billion of stolen assets have been frozen.
- North Korea's Lazarus Group is suspected of being behind the attack.
Binance, the world's largest cryptocurrency exchange, announced on Saturday that it has covered 90% of the $6.3 billion in assets stolen in a hack that occurred on Thursday. The company stated that it will absorb the financial impact using its own corporate funds and treasury, assuring users that they will not bear the losses. Holdings of bitcoin, ethereum, Tether, and seven other widely-traded crypto assets are covered. Binance aims to resume withdrawal services on Sunday, November 1, with further updates to follow. The hack is suspected to be the largest in crypto history, surpassing a $1.5 billion heist on the Bybit exchange in 2025. Initial investigations suggested an engineer's laptop was compromised, but later updates indicated additional points of breach. The exchange has frozen approximately $3 billion of the stolen assets in cooperation with law enforcement and partners. Blockchain analytics firms and the FBI have pointed to North Korea's Lazarus Group as the likely perpetrators, though North Korea denies involvement.