Binance Covers 90% of $6.3B North Korea Hack Losses, FBI Names TraderTraitor

Binance has replaced 90% of the funds stolen in a record $6.3 billion cryptocurrency hack, the exchange announced on Saturday, while the FBI attributed the attack to TraderTraitor, a North Korean state-sponsored hacking group. The remaining 10% of stolen tokens are less liquid and may take longer to repurchase, but co-CEO Richard Teng said the company is committed to covering the full amount and that users will not bear any financial impact. Withdrawals are expected to resume on Sunday as the platform restores normal operations. The incident marks the largest crypto exchange hack to date, underscoring the growing threat posed by state-backed cybercriminals to the digital asset industry. Binance’s swift response aims to reassure customers and maintain trust, but the attack highlights persistent security challenges even for major platforms. The FBI’s identification of North Korea’s involvement adds geopolitical weight to the case, potentially prompting further regulatory scrutiny and international cooperation. As the exchange works to recover the remaining funds, the crypto community watches closely to see if such high-profile breaches accelerate the push for stronger security standards and oversight.