Binance hack recovery has reached a critical milestone, with the cryptocurrency exchange confirming that it has covered 90% of the $6.3bn (£4.7bn) assets taken in what is believed to be the biggest crypto theft in history.
Extent of the loss and Binance’s response
According to a statement released by Binance on Saturday, the firm set aside more than $6.34bn from its corporate treasury to compensate victims. The exchange says it has already replenished the stolen holdings of Bitcoin, Ethereum, Tether and seven other major crypto assets, leaving only 10% of the total loss to be sourced later.
Investigation points to North Korean actors
Both the Federal Bureau of Investigation and two independent analytics firms have identified the Lazarus Group – a state‑backed hacking unit linked to North Korea – as the likely perpetrators. The FBI specifically named the group, also known as TraderTraitor, in its public briefings. This follows a similar attribution in the $1.5bn Bybit hack of 2025.
How the breach unfolded
Binance’s initial investigation suggested that an engineer’s laptop was compromised, granting unauthorized access to withdrawal functions. Subsequent findings revealed additional breach points, indicating a coordinated effort involving multiple actors. Binance co‑CEO Richard Teng described the attack as employing sophisticated “self‑destruct mechanisms” to conceal activity.
Law enforcement and asset freezing
The exchange worked with the FBI, the U.S. Secret Service and private intelligence partners to freeze roughly $3bn of the stolen funds. The Secret Service confirmed it is operating “around the clock” with industry collaborators to trace, recover and return assets to users.
Impact on users and future steps
Binance has pledged that the financial impact will be absorbed by the company, not its customers. The platform aims to resume withdrawal services on 1 November, pending final verification of the remaining funds. Users are advised to monitor official Binance communications for updates on the restoration of full functionality.
Why the Binance hack recovery matters
The rapid mobilisation of corporate funds underscores the growing expectation that major crypto platforms will protect user assets against large‑scale breaches. It also highlights the increasing geopolitical dimension of cyber‑crime, as state‑sponsored groups target high‑value digital assets.
FAQ
What percentage of the stolen funds has Binance recovered?
Binance hack recovery currently stands at 90%, with the exchange having replaced most of the lost Bitcoin, Ethereum, Tether and other major tokens.
Who is believed to be behind the hack?
Investigators, including the FBI, attribute the attack to North Korea’s Lazarus Group, a state‑backed hacking unit.
When will withdrawals be fully restored?
Binance expects to reopen withdrawal services on 1 November, once the remaining 10% of the loss is secured and all security checks are completed.
Source: BBC News
Image: Representative image. Photo by Schäferle on Pixabay
