Binance has covered 90% of the $6.3 billion stolen in a record hack, using its own funds and emergency reserves, the company announced on November 1, 2026. The FBI confirmed North Korea’s TraderTraitor group was behind the attack, which drained assets in under 20 minutes.
Binance covers 90% of $6.3bn hack losses in record crypto theft
3 billion stolen and pledged to cover the remaining 10% using its corporate treasury and emergency funds. The company has not specified a timeline for the final recovery of less liquid tokens.
Key numbers
| Stat | Figure | Date | Source |
|---|---|---|---|
| Amount stolen | $6.3 billion | October 29, 2026 | The Guardian |
| Frozen assets (verified) | $3 billion | October 30, 2026 | New York Post |
| Stablecoins frozen by Tether | 1.567 billion USDT | October 29, 2026 | 99Bitcoins |
| Bitcoin price drop | 5% | October 29, 2026 | 99Bitcoins |
What happened in the Binance hack?
The attack began when hackers exploited a compromised DevOps engineer’s laptop to access Binance’s service container, enabling unauthorized withdrawal transactions. The FBI later confirmed North Korea’s TraderTraitor group—linked to the Lazarus Group—was responsible, using a self-destruct mechanism to erase evidence. The theft occurred in two waves: the first drained $6.36 billion from hot wallets on October 29, 2026, and a second wave hit Avalanche and Polygon later that day. Binance suspended withdrawals immediately but resumed them in phases starting November 1, 2026.Who is affected?
All Binance users with funds in hot wallets at the time of the attack are impacted, though Binance has pledged to cover 100% of losses. The most affected assets include Bitcoin ($1.47 billion), Ethereum ($3.79 billion), and stablecoins like USDT and USDC, which were partially frozen by issuers like Tether and Circle. Users holding less liquid tokens may face delays in recovering their funds.How much was stolen and frozen?
Binance reported $6.3 billion stolen, with $3 billion verified frozen across platforms like Ethereum, Tron, and Avalanche. Tether alone froze 1.567 billion USDT, while Circle froze 823 million USDC. The remaining $2.4 billion in stolen assets, including Bitcoin and Ethereum, remains active on blockchains and is being laundered through decentralized finance services.What to do next
Binance users should verify their accounts via official channels only and avoid clicking on unsolicited links or sharing login details. Withdrawals resumed on November 1, 2026, but users should monitor their balances for delays, particularly with less liquid tokens. Binance has provided transparency reports, including Proof of Reserve and details on its Secure Asset Fund for Users.What we know and don’t know
We know the attack was orchestrated by North Korea’s TraderTraitor group, the exact breach points involved a compromised laptop and broader system vulnerabilities, and Binance has allocated $6.34 billion to cover losses. However, we don’t yet know the full extent of the laundered funds or the timeline for recovering the remaining 10% of stolen assets. The FBI’s ongoing investigation may provide further details.Timeline of the attack
- October 28, 2026: Attacker’s operator wallet funded via Tornado Cash mixer.
- October 29, 2026, 20:05–20:09 UTC: First wave—233.46 million XRP, 18,270 BTC, and 1.615 billion USDT drained.
- October 29, 2026, 20:23 UTC: Main Ethereum hot wallet emptied (167,464 ETH and 1.615 billion USDT).
- October 29, 2026, 21:29 UTC: Binance posts investigation notice.
- October 29, 2026, 23:05 UTC: Second wave hits Avalanche and Polygon wallets.
- October 30, 2026: Tether and Circle freeze $2.6 billion in stablecoins; Binance pauses withdrawals.
- October 31, 2026: Binance announces 90% of losses covered; FBI confirms North Korea’s involvement.
- November 1, 2026: Withdrawals resume in phases.
Why this matters
This hack underscores North Korea’s growing sophistication in cybercrime, using AI and decentralized finance to evade sanctions. For crypto users, it highlights the risks of centralized exchange hacks and the importance of diversifying assets. Regulators and exchanges may face increased scrutiny over security protocols, while law enforcement efforts to trace and recover stolen funds remain critical.Frequently asked questions
Will Binance users get their money back?
Binance has already covered 90% of the $6.3 billion stolen and pledged to cover the remaining 10% using its corporate treasury and emergency funds. The company has not specified a timeline for the final recovery of less liquid tokens.
How did the hackers access Binance’s systems?
The initial breach involved a compromised DevOps engineer’s laptop, which allowed attackers to access a service container. The FBI and Binance later confirmed the attack used a self-destruct mechanism to erase evidence, complicating investigations.
Are my funds safe on Binance?
Binance has stated that popular cryptocurrencies like Bitcoin, Ethereum, and Binance Coin are "100% backed." However, users should remain cautious about phishing attempts and only use official Binance channels for account verification.
What is TraderTraitor, and why is it linked to North Korea?
TraderTraitor is a North Korea-affiliated hacking group believed to be part of the broader Lazarus Group, which has been linked to previous high-profile crypto heists, including the $1.5 billion Bybit hack in February 2025.
How can I check if my funds are affected?
Binance has provided transparency reports, including Proof of Reserve and details on frozen assets. Users can monitor their balances and check Binance’s official updates for phase-by-phase withdrawal resumption.
What is the status of withdrawals?
Withdrawals resumed on November 1, 2026, in phases to ensure system stability. Binance advises users to check their account status and avoid rushing withdrawals during the initial reopening period.
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Sources
- Binance has already refunded 90% of the $6.3 billion stolen by North Korean hackers — nypost.com, 2026-10-31
- Binance Loses $6.3Bn in Largest Crypto Theft Ever as Tether and Circle Freeze $2.6Bn: What We Know About Binance Hack — 99bitcoins.com, 2026-10-30
- Crypto giant Binance attempting to recover $6.3bn stolen in hack linked to North Korea — bbc.com, 2026-10-30