Binance Says It Has Replaced 90% of Stolen Assets as FBI Points to North Korea

Binance said on Sunday, November 1, 2026, that it had replaced 90% of the cryptocurrency stolen in a hack of its platform, while the US Federal Bureau of Investigation (FBI) said North Korea was responsible for the theft. Binance is the world's largest cryptocurrency exchange, a service where people buy, sell and hold digital currencies, according to the BBC.

The theft, which the FBI said took place on or about October 29, 2026, involved more than $6 billion in virtual assets. The BBC put the amount at $6.3bn. On Saturday, October 31, the FBI confirmed that a North Korea-affiliated group known as TraderTraitor was behind the attack. The same group was linked to a $1.5bn hack of the exchange Bybit, according to The Independent.

According to the FBI, the hackers began converting the stolen assets into Ethereum, another digital currency, and the agency expected further laundering, meaning moves designed to obscure where the money came from, through decentralised finance (trading systems that run without a traditional middleman) and instant swap services. The FBI urged private companies to block transactions with addresses used by TraderTraitor to launder stolen assets.

Binance co-CEO Richard Teng described the breach as a complex attack involving a compromised laptop and malicious software designed to delete evidence. Binance suspended user withdrawals after the hack. On Sunday it said some withdrawals had resumed and would roll out in phases.

The company said it had set aside around $6.34bn of its own funds to cover the losses. It said the money used to buy back tokens came from part of its $1bn Secure Asset Fund for Users, its Futures Insurance Fund and its corporate treasury. Binance said it had replaced 90% of the stolen amount and released a fresh Proof of Reserves snapshot, a published record of the assets it holds, alongside that update. The remaining 10%, it said, is less liquid and may take longer to buy back.

Teng said on his official X account that Binance is committed to covering the remaining 10% and that users will not bear the financial impact. The company has not yet completed that part of the buy-back, and it said the process could take longer than the first stage.

Following news of the hack, Bitcoin fell nearly 5%, Ethereum nearly 6% and BNB nearly 10%, according to The Guardian.