Binance Says It Has Refunded 90% of $6.3 Billion Lost in North Korean Hack
Binance says it has made users whole on roughly 90% of the $6.3 billion stolen from its wallets, using company treasury funds, its insurance pool and its emergency user protection fund to absorb the losses.
Binance said it has already returned about 90% of the $6.3 billion that North Korean hackers drained from user wallets, with the cryptocurrency exchange pledging to absorb the entire financial hit rather than pass it on to customers. The Dubai-based company said it had set aside more than $6.34 billion in corporate funds to cover the hacked losses.
In a weekend update, Binance stressed that customer assets would be protected, stating that the company, not its users, would carry the financial impact of the stolen funds. It also said major cryptocurrencies including Bitcoin, Ethereum, Binance Coin, Solana, XRP, World Liberty Financial USD, Ripple USD and Zcash remain fully backed at 100%.
The remaining 10% still to be replenished involves tokens outside the ten most popular digital assets. Binance cautioned that these assets are less liquid, meaning it may take longer to source the required amounts to fully restore affected balances.
To refill user wallets, the exchange drew on its own corporate treasury, used part of its Futures insurance fund and partially deployed money from its emergency Secure Asset Fund for Users. Binance also published snapshots of its Proof of Reserve alongside links to the two protection funds in an effort to demonstrate transparency.
"Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident," the company said, adding that it would keep demonstrating that commitment through measurable progress, transparent reporting and concrete actions.
The disclosure puts the scale of the loss into sharp focus and highlights the growing pressure on major exchanges to maintain large reserve buffers against state-linked cyber theft. For users, the key takeaway is that the company says it is treating the shortfall as its own liability, with the recovery of less liquid tokens the main outstanding task.
