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Crypto firm Binance covers 90% of losses after $6.3bn hack

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Cite

James, I. (2026, October 31). Crypto firm Binance covers 90% of losses after $6.3bn hack. BBC News. https://www.bbc.co.uk/news/articles/ckpdg3ql4169o?at_medium=RSS&at_campaign=rss

Dated from the outlet's own feed. Check the original for its byline.

BBC News · collected 2026-10-31 · by Imogen James

Quick Summary

Binance, the world's largest cryptocurrency exchange, has covered 90% of the $6.3 billion stolen in a recent hack, using company funds set aside specifically for this purpose. The remaining 10% may take longer to recover. Binance promises to cover all losses from user accounts and plans to resume withdrawal services on November 1st. Law enforcement agencies are working with private firms to trace the stolen assets, which are suspected to have been taken by a North Korean state-backed group known as The Lazarus Group.
Written by AI on 2026-10-31, from this article's own text only (the story summary below draws on all the coverage).

AI analysis

Story summary

On October 29, 2026, Binance, the world's largest cryptocurrency exchange, announced it was investigating a "potential security issue" after unusual large transfers on its platform raised concerns among traders and its founder suggested it might have been due to a hack. In response, Tether froze over $1.567 billion worth of its digital currency, and Circle also froze assets, coordinating with law enforcement. By October 30, Binance confirmed that at least $2.54 billion in funds had been frozen as a precaution while it investigated the situation. The company stated user funds were safe but did not confirm any theft occurred. On November 2, the FBI alleged that North Korea-affiliated hackers called TraderTraitor were behind a US$6 billion theft from Binance. However, North Korea's government and influential figures like Kim Yo Jong denied involvement, calling the FBI’s claims “a trite provocation” against their country.

Written for “North Korea Blamed for Binance Hack” on 2026-11-03, grounded in this article and the 73 other(s) covering the same event.

Story

📰 North Korea Blamed for Binance Hack
World · 74 article(s) covering the same event. Compare every outlet's account →

Compared with similar articles

This article reads unscored and hedges 11% of its claims. Each row says how that neighbour differs.
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⚖️ Leans left Hedges 2 of 22 claims Outlet record 60/100
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BBC News
Hedges 1 of 6 claims Outlet record 68/100
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Hedges 2 of 10 claims Outlet record 60/100
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Hedges 6 of 39 claims Outlet record 72/100
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Hedges 9 of 44 claims Outlet record 66/100
ABC News (US)
Hedges 1 of 9 claims Outlet record 70/100
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Hedges 2 of 23 claims Outlet record 68/100
The Straits Times
Hedges 7 of 33 claims Outlet record 66/100
How this article was measured signals, leaning charts, publisher record, byline, topics and claims

Signals How these are calculated →

Claims extracted
18
sentences that state something as happening or true
Uncertain
11%
2 of 18 hedged ("reportedly", "may", "according to")
Leaning
not political
takes no side on a contested political question
Publisher signals
68/100
BBC News's corrections and hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
74
World
Same framing elsewhere
1
articles that frame the event the way this one does
Analyzed 2026-10-31 · how these are computed

How this is being covered How these are calculated →

Article leaning vs. publisher reliability
Source leaning vs. consistency

Publisher

BBC News · 4944 article(s) · 6 correction(s) detected
Running correction rate · 6 correction(s)

Who wrote this

Imogen James
6 article(s) here · 1 carrying a prediction
🔮 The remaining 10% may take longer to source in the required amounts, the company added.
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Also by Imogen James
Nothing else under this byline is closely related to this article, so these are simply their most recent.
All 6 articles by Imogen James →

Topics

Binance Bybit North Korea Published The US Secret Service

Subjects

Binance ORG · 7× Bybit ORG · 2× North Korea GPE · 2× North Korean NORP · 1× Published ORG · 1× Richard Teng PERSON · 1× The Federal Bureau of Investigation ORG · 1× The Lazarus Group ORG · 1× The US Secret Service ORG · 1× TraderTraitor ORG · 1×

Narrative

The company said its next goal is resuming withdrawal services for users, saying it remained on track to reopen withdrawals on Sunday 1 November and would provide a further update once details were confirmed.
framing: assertive · carried by 1 article(s) · first seen 2026-10-31
🔮 The remaining 10% may take longer to source in the required amounts, the company added.
2026-10-31 · BBC News
Crypto firm Binance covers 90% of losses after $6.3bn hack · assertive framing

Claims (18 extracted, 2 hedged)

- Published Binance, the world's largest cryptocurrency exchange, says it has covered 90% of the $6.3bn (£4.7bn) assets stolen in a hack on Thursday. asserted
it → say → Thursday
The remaining 10% may take longer to source in the required amounts, the company added. uncertain
company → remain → amounts
Binance has consistently pledged to cover 100% of the losses from what is suspected to be crypto's biggest hack on record and said it has set aside more than $6.34bn in company funds to do so. asserted
it → pledge → funds
"Binance will absorb the financial impact of these stolen funds, not our users," the company said in a statement on Saturday. asserted
company → absorb → Saturday
It said it had replenished the assets using various funds and its own corporate treasury. asserted
it → say → funds
All holdings of the cryptocurrencies bitcoin, ethereum and Tether are covered, along with seven other widely-traded crypto assets, the company said. asserted
company → cover → assets
The company said its next goal is resuming withdrawal services for users, saying it remained on track to reopen withdrawals on Sunday 1 November and would provide a further update once details were confirmed. asserted
details → say → update
The hack is believed to be the largest in history, eclipsing the record of a $1.5bn heist on the Bybit exchange in 2025. asserted
hack → believe → 2025
Binance's initial investigation suggested an engineer's laptop was compromised, which allowed access to unauthorised withdrawals, but a later update said they had uncovered "additional points of breach". uncertain
they → suggest → breach
Richard Teng, Binance's co-chief executive officer, said the hack was carried out by more than one person, and the hackers used sophisticated methods to hide their tracks, such as a "self-destruct mechanism". asserted
hackers → say → mechanism
On Friday, the company said it had frozen around $3bn of stolen assets after working with law enforcement, intelligence firms and partners. asserted
it → say → enforcement
The investigation is ongoing, it added. asserted
it → add → ?
The US Secret Service said on Friday it is "working around the clock" with private sector partners "to identify, freeze, trace, and recover funds" stolen from Binance. asserted
it → say → Binance
Two major blockchain analytics firms say they have robust intelligence pointing to a North Korean state-backed group called The Lazarus Group, also known as TraderTraitor, as the likely culprits. asserted
they → say → culprits
The Federal Bureau of Investigation (FBI) said North Korea was responsible for the theft of $1.5bn on the Bybit exchange last year. asserted
Korea → say → exchange
North Korea has always denied involvement in these attacks. asserted
Korea → deny → attacks
Binance, founded in China in 2017, lets users buy, sell and trade digital assets - it is estimated to have hundreds of millions of users worldwide. asserted
it → found → users
Crypto is a digital asset, which doesn't exist physically and is instead accessed via digital wallets or computers. asserted
which → exist → wallets
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