Binance Says It Replenished Most Losses After Record Crypto Heist

Binance says it replenished about $5.7 billion of the $6.3 billion in stolen crypto assets, equal to 90% of the reported losses. The company said it used its corporate treasury to buy crypto from the market and private brokers, and also tapped its Futures Insurance Fund.

Richard Teng, Binance’s co-CEO, said users would not bear the financial impact of the incident and that the company remained committed to covering the remaining 10%.

Binance said it planned to resume withdrawals after the hack, and a later update said withdrawals began returning in phases on November 1. The company said it saw a net outflow of about $3.64 billion in under 10 hours.

For customers, the key takeaway is operational: Binance is attempting to restore access while managing the fallout from a theft large enough to overwhelm its roughly $1 billion emergency fund.

The FBI formally attributed the theft to North Korea’s TraderTraitor group, according to the update in the article. The agency said hackers were converting stolen assets primarily into Ethereum and urged crypto services to block transactions tied to listed addresses.

Blockchain intelligence firms had earlier pointed to similarities with previous attacks linked to the group, including a 2025 hack of Bybit that the FBI also attributed to TraderTraitor.

Analysts said the hackers moved funds rapidly using automated scripts in an apparent attempt to launder the money. Stablecoin issuers froze funds in traceable currencies, but Elliptic said the hackers still converted about $786 million into comparatively untraceable currencies.

TRM Labs’ Ari Redbord told Business Insider that stolen funds at this scale can support North Korea’s weapons program, making tracing and freezing transactions a central part of the response.