Binance says it has covered 90% of losses from $6.3 billion hack so far

Live updates

1. 1h ago

   Binance replaces 90% of assets after $6.3 billion hack

   Binance has replenished 90% of the $6.3 billion stolen in a record cyberattack by using corporate treasury funds, insurance, and SAFU reserves to buy new tokens. The exchange has resumed phased withdrawals, stating that major token balances are fully backed. The remaining 10% of losses involve less liquid tokens that require more time to replace. The FBI has attributed the heist to TraderTraitor, a state-sponsored group from North Korea, who reportedly stole the funds in 20 minutes.

   Why it matters

   This event represents the largest heist in cryptocurrency history. It highlights vulnerabilities in exchange security and the reliance on internal reserves to maintain user solvency during systemic failures.

   What is confirmed

   • Binance lost $6.3 billion in a cyberattack.
   • The exchange has covered 90% of the losses using corporate treasury, insurance funds, and SAFU reserves.
   • The FBI identifies the North Korean state-sponsored group TraderTraitor as the party responsible for the hack.
   • Binance has resumed phased withdrawals.

   Still unconfirmed

   • Binance has restored approximately 95% of the stolen assets.
   • The theft occurred in exactly 20 minutes.

   What to watch next

   • Recovery of the remaining 10% of less liquid tokens
   • Further FBI updates on the recovery of stolen funds
   • Official statements from CZ regarding user safety
   Sources used for this update (15)

   1. The Washington Post — How suspected North Korean hackers swiped billions in crypto in only minutes
   2. The New York Times — How Binance’s $6.3 Billion Hack Went Down
   3. Reuters — Binance says 90% of stolen assets replenished
   4. CNBC — Binance says 90% of $6.3 billion hack losses are now covered, plans to resume withdrawals Sunday
   5. NPR — A simple explainer of the massive $6.3 billion crypto heist at Binance
   6. www.cnbc.com — Binance resumes withdrawals following record $6.3 billion hack
   7. www.flickonclick.com — Binance Hack Explained: How North Korean Hackers Stole $6.3 Billion and What CZ Said
   8. www.theguardian.com — Binance says 90% of losses from $6.3bn hack covered as FBI ...
   9. www.bbc.com — Crypto firm Binance covers 90% of losses after $6.3bn hack - BBC
   10. www.hindustantimes.com — Binance says it has covered 90% of losses after $6.3 billion ...
   11. www.businessinsider.com — Binance Says 90% of $6.3 Billion in Crypto Stolen in Hack ...
   12. nypost.com — Binance has already refunded 90% of stolen $6.3 billion
   confidence 95%