Binance wants to compensate all losses after hacker attack

After billion dollar hacker attack Binance wants to compensate all losses after hacker attack As of: October 30, 2026 • 9:21 p.m

After a hacker attack that caused $6.3 billion in damage, Binance wants to compensate for all losses. The case shows how vulnerable crypto assets are and raises questions about the security of digital assets.

The world's largest crypto exchange Binance wants to compensate losses of $6.3 billion after a hacker attack. The company announced this. Around half of the stolen assets have already been frozen with the help of partners.

Binance also set aside more than $6 billion in its own funds to cover the losses. Users should be able to make withdrawals again within 40 hours. Deposits and withdrawals were initially suspended after the attack.

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Experts suspect a hacker group with ties to North Korea was behind the attack. According to initial investigations, the attackers gained access to Binance's IT systems via an engineer's hacked laptop.

The investigation is still ongoing and a specific person has not yet been identified as responsible. Binance is working with the US Federal Police FBI and the Secret Service to investigate the attack.

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Binance says it has 335 million registered users worldwide. Assets under custody amounted to $162.8 billion in 2025. The crypto exchange operates its own security fund of $1 billion in Bitcoin.

In addition, the company set aside around $6.34 billion in its own funds to cover the losses. Binance did not disclose where these funds came from.

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The incident highlights the risks of cryptocurrencies. Analyst Salah-Eddine Bouhmidi from brokerage IG said that even though Binance had promised to compensate for losses, questions about the security and custody of digital assets were coming to the fore again. The prices of Bitcoin and Ethereum temporarily fell by around three percent. The Binance Coin lost five percent.

Bernardo Brits, head of the payment service provider Trace Finance, also emphasizes that it is becoming increasingly difficult to ward off hacker attacks. “Artificial intelligence can find vulnerabilities faster than they can be fixed,” warns Brits. One consequence could be that users turn away from smaller and medium-sized exchanges in order to end up bearing less risk.

This topic in the program: The First | daily news | Oct 30, 2026 | 8:00 p.m