Binance covers 90% of $6.3B hack losses, withdrawals resuming Sunday
Binance, the world's largest crypto exchange, said Saturday it has used company funds to buy back tokens covering 90% of the $6.3 billion stolen in a complex hack announced Friday. The remaining 10% involves less liquid tokens that may take longer to source. Binance has set aside $6.34 billion total to cover all losses, stating its commitment to fully cover the financial impact.
Investigators attribute the attack to North Korean-linked hackers exploiting multiple breach points. The exchange suspended withdrawals after the incident but says they're on track to resume Sunday. The news triggered a drop in major cryptocurrency prices globally.
U.S. President Donald Trump confirmed the White House is reviewing the hack, and the FBI is engaged with partners to investigate the scope. Binance called it a "complex attack" with several points of breach.
For Nigerian crypto users: Binance remains operational and says user funds are fully backed. If you had withdrawal requests pending, they should process by Sunday. The bigger question: does this restore confidence in centralized exchanges, or will more Nigerians shift to self-custody wallets?
SOURCE: https://www.channelstv.com/2026/11/01/binance-claims-to-recover-90-of-6-3bn-hack-losses/
Replies (1)
There is a reason things like finance are heavily regulated. It is for things like this. Without such deep pockets, Binance would have been in so much trouble and economies around the world would have started to feel the heat.
I'm curious to see if they can track down the hackers and get back on track. Billions can not just disappear into thin air like that.
They will hunt you down until the very end.