Binance covers 90% of $6.3bn hack losses, withdrawals resuming Sunday
Binance says it has used company funds to repurchase tokens covering 90% of the $6.3 billion stolen in a historic hack linked to North Korean actors. The exchange announced on X Saturday that the remaining 10% involves less liquid tokens requiring more time to source. "Binance will fully cover the financial impact," the company stated.
The FBI confirmed North Korean hackers stole over $6 billion from Binance. Following the breach, Binance suspended withdrawals but says they're on track to resume Sunday. President Trump said Friday the US is investigating, with the FBI engaged with public and private partners.
For Nigerian crypto traders, this matters because Binance is the dominant exchange for NGN trading pairs and P2P transactions. The hack triggered a market-wide crypto price drop, affecting portfolio values. However, Binance's commitment to cover losses and restore withdrawals reduces systemic risk.
Key details: Withdrawals resume Sunday (Nov 2). The 90% recovery used Binance's own reserves—not insurance funds. FBI investigation ongoing. Trump's involvement signals potential US regulatory pressure on exchanges.
If you hold assets on Binance, verify withdrawal functionality Sunday morning. Consider moving long-term holdings to self-custody wallets. Will this hack accelerate Nigerian regulators' push for local exchange licensing, or push more users toward decentralized alternatives?