Malaymail Binance Suffers $6.3 Billion Hack, 90% of Losses Covered
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- •Binance covered 90% of losses from a $6.3 billion hack attributed to North Korean hackers.
- •The hack involved a complex attack method with compromised hardware and malware.
- •User withdrawals are expected to resume on November 2, 2026.
On November 1, 2026, Binance announced it has replenished 90% of the $6.3 billion stolen in a hack attributed to North Korean hackers. The remaining 10% consists of less liquid tokens, which may take longer to source. The company used its own funds, including its Secure Asset Fund for Users (SAFU), to buy back tokens. Following the breach, Binance suspended user withdrawals but plans to resume them on November 2. The attack was described as a 'complex' incident involving a compromised laptop and malware that deleted evidence. Cryptocurrency prices fell in response to the news, raising concerns about the stability of the market. Binance has set aside over $6.34 billion to cover the losses and has taken a new snapshot of assets for proof-of-reserves.
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