Binance says 90% of losses covered and outflows stabilising, after $6.3bn hack is blamed on North Korea
The theft, traced to a compromised engineer's laptop, has been formally attributed by the FBI to TraderTraitor, believed to be part of North Korea's Lazarus Group.
Binance co-chief executive Richard Teng confirmed 95 per cent of the stolen assets have now been covered using company funds, and pledged users will bear none of the financial impact, as the exchange reported withdrawal activity beginning to stabilise following days of heavy outflows. The theft, traced to a compromised engineer's laptop, is described by analysts as the biggest financial robbery in history, eclipsing North Korea's own $1.5bn Bybit heist in 2025.
The FBI formally named TraderTraitor — believed to be part of North Korea's Lazarus Group — and urged crypto firms to block transactions linked to its wallet addresses.
Bitcoin recovered slightly to trade above $78,000 on Monday after hitting a six-week low on Friday, while the combined market cap of stablecoins USDT and USDC has fallen by about $1.2bn since the hack.
President Trump cast doubt on the FBI's attribution at a Mar-a-Lago Halloween party on Saturday, saying: 'We don't know if it's North Korea.'
