Binance says it has covered 90% of $6.3b crypto theft

The FBI has accused North Korea of orchestrating the largest-ever crypto heist, stealing more than US$6.34 billion in virtual assets from cryptocurrency exchange Binance. The law enforcement agency made the claim on Saturday, following the cyberattack that occurred on October 29, 2026. Binance, the world's largest crypto exchange by daily trading volumes, has reassured investors by using company funds to replenish 90% of the stolen assets.

The FBI confirmed earlier suspicions that a North Korea-affiliated group, TraderTraitor, was behind the hack, which has previously been linked to a US$1.5 billion theft from the Bybit platform in February 2025. The FBI is warning that TraderTraitor actors are converting the stolen assets into Ethereum and expect further laundering through decentralized finance and instant swap services.

In response to the hack, Binance has set aside more than US$6.34 billion in company funds to cover the losses, while suspending user withdrawals in an effort to resolve the complex attack. The cyberattack has triggered concerns about the potential vulnerabilities in cryptography and IT security protocols posed by advancing artificial intelligence models.