Crypto firm Binance covers 90% of losses after $6.3bn hack
Two analytics firms say they have robust intelligence pointing to a North Korean state-backed group as the likely culprit.
Cryptocurrency exchange Binance has reportedly covered 90% of the losses from a massive $6.3bn hack, according to the company. The remaining 10% of stolen assets may take longer to source, Binance added. The firm had pledged to cover the entire loss amount, setting aside over $6.34bn in company funds to do so. Binance stated that it absorbed the financial impact, not its users, in a statement on Saturday.
The hack, believed to be the largest in history, surpassed the $1.5bn heist on the Bybit exchange in 2025. Binance suspects an engineer's compromised laptop was the entry point, with multiple breaches uncovered. The hackers used sophisticated methods to conceal their tracks. Binance has frozen around $3bn of stolen assets following collaboration with law enforcement and intelligence firms.
The investigation is ongoing, with the US Secret Service working closely with private partners to identify, freeze, trace, and recover the stolen funds. Binance, founded in China in 2017, is a leading platform for buying, selling, and trading digital assets, reportedly serving hundreds of millions of users worldwide.
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