Photo via BBC News

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

Read the original at BBC News ↗
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, Binance, the world’s largest cryptocurrency exchange, reported a potential security issue that may have been caused by a hack, leading to firms freezing over $6.3 billion in digital assets. Tether and Circle, major stablecoin issuers, froze more than $1.5 billion and approximately $2.38 billion, respectively, to prevent further loss. Binance’s founder, Yi He, confirmed that the incident likely involved a hack on their platform. The FBI later announced that North Korea was responsible for the theft of over $6 billion in virtual assets from Binance. As of November 1, Binance stated it had replaced 90% of the stolen amount, with the remaining 10% expected to take longer due to liquidity issues.

Written for “FBI Blames North Korea for Binance Hack” on 2026-11-01, grounded in this article and the 59 other(s) covering the same event.

Story

📰 FBI Blames North Korea for Binance Hack
World · 60 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.
NBC News
⚖️ Leans left Hedges 2 of 22 claims Outlet record 60/100
NPR
Hedges 3 of 24 claims Outlet record 60/100
CBC News
Hedges 2 of 10 claims Outlet record 60/100
Dawn
Hedges 6 of 39 claims Outlet record 72/100
Dawn
Hedges 7 of 32 claims Outlet record 72/100
The Straits Times
Hedges 9 of 44 claims Outlet record 66/100
ABC News (US)
Hedges 1 of 9 claims Outlet record 70/100
BBC News
Hedges 2 of 23 claims Outlet record 68/100
The Straits Times
Hedges 7 of 33 claims Outlet record 66/100
The Hindu
Hedges 1 of 3 claims Outlet record 77/100
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
60
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 · 4791 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.
🔮 The outbreak, which started in May, became the country's deadliest in its history in August, public health officials said.
🔮 Following rounds of talks on Sunday, which lasted several hours behind closed doors, Zelensky told reporters they had agreed officials from Ukraine, Europe and America would meet in the near future to continue discussions.
🔮 He added Russia would explain "how we see the situation".
2026-09-05 · assertive framing · US envoys meet Putin in Moscow for Ukraine talks
🔮 Speaking to BBC News at a wrecked apartment block in Kyiv, Mayor Vitali Klitschko said Ukraine needed "ammunition, anti-missile systems - we need support from our partners".
🔮 - Published Reform UK says it would aim to cut about £50bn from the benefits bill and scrap the disability payments system, Pip, if it comes in to government.
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
💬Give feedback
🕘History 🎫Support