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Binance has covered 90% of losses from a cyberattack as the FBI accused North Korea of carrying out the biggest-ever cryptocurrency heist, involving more than $6 billion in stolen assets.
The world's largest cryptocurrency exchange by daily trading volume has allocated more than $6.3 billion in company funds to compensate affected users and is buying tokens to cover the remaining losses, according to a company statement.
"Binance, not our users, will bear the financial burden of the stolen funds," the company said.
Binance said it had fully covered losses involving Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, Solana (SOL), USD Coin (USDC), XRP, USD1, RLUSD and Zcash (ZEC).
The remaining 10% involves less liquid tokens outside those 10 assets, which are harder to acquire in large quantities. The exchange continues to buy them through market and over-the-counter (OTC) channels.
Binance is funding the recovery through its Secure Asset Fund for Users (SAFU), part of its Futures Insurance Fund and its corporate treasury. The exchange also plans to restore SAFU's balance to approximately $1 billion.
The exchange has also published an updated proof-of-reserves snapshot, with a complete zero-knowledge proof expected by Nov. 3.
The cryptographic method allows users to verify their balances against reserve data without revealing sensitive information.
Binance said its proof-of-reserves system checks whether reserves for each asset cover the corresponding customer balances at a minimum 1:1 ratio.
The exchange initially scheduled withdrawals to resume on Nov. 1 after the attack disrupted the service.
The attack occurred on Oct. 29, when hackers compromised Binance's hot wallets, which store cryptocurrency online for transactions. The exchange reported unauthorized withdrawals worth approximately $6.3 billion.
Binance initially suspected that a DevOps engineer's laptop had been compromised, but further investigation uncovered additional points of compromise.
The company said it found no evidence that its wallet private keys had been leaked.
The FBI on Saturday identified TraderTraitor, a North Korea-affiliated group, as responsible for the theft, which it described as the largest cryptocurrency heist on record.
The group was previously blamed for stealing $1.5 billion from the Bybit platform in February 2025. Investigators observed TraderTraitor-linked actors converting the stolen assets into Ethereum.
The FBI warned that the group could continue laundering the funds through decentralized finance platforms and instant swap services, urging private-sector companies to block transactions linked to the suspected laundering addresses.
U.S. President Donald Trump expressed uncertainty about North Korea's involvement despite the FBI's assessment.
"I'm not concerned. We're learning about it. We don't know if it's North Korea," Trump told reporters at his residence in Florida late Saturday.
Binance first disclosed on Thursday that it was investigating a potential security issue and assured users their funds were safe. By Saturday, it said about $3 billion in assets had been frozen.
News of the attack sent most major cryptocurrency prices sharply lower on Friday.
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