Binance says it has secured $3bn of digital assets after hackers stole $6.3bn (£4.7bn) in what is believed to be the largest cryptocurrency theft on record. Several analytics firms have linked the attack to North Korea, though the hackers remain unidentified.

The world’s largest cryptocurrency exchange says it has set aside more than $6.34bn of company funds to cover the losses and is actively buying replacement tokens. Its assurance to customers was unequivocal: “your money is safe, and we're covering every loss”.

Whether that promise provides enforceable protection is another matter. Several experts have warned customers that they may need litigation to recover losses. Daniel Tunkel, of London law firm Edwin Coe, said this would depend on customers’ contracts and where Binance could be sued for non-performance.

Some observers have compared the reassurance with statements made by FTX chief executive Sam Bankman-Fried before that exchange collapsed in 2022. The comparison reflects concerns about Binance’s ability to absorb the loss; it does not establish that Binance faces the same outcome.

The company’s account of the breach has widened. Investigators initially suspected a compromised DevOps engineer’s laptop, but co-chief executive Richard Teng said additional entry points had been uncovered. He said the attackers destroyed tools and traces as they proceeded, hampering the investigation.

Binance initially suspended deposits and withdrawals, then said deposits remained unaffected. It says its US-facing exchange was not affected and that it is working with the FBI. The US Secret Service said it was working to identify, freeze, trace and recover the stolen funds. US-linked stablecoins Tether and Circle were among the assets involved, and US authorities retain jurisdiction to investigate.

TRM Labs identified similarities with earlier North Korean-linked attacks, including the $1.5bn (£1.12bn) Bybit theft in 2025. Chainalysis expressed high confidence in a North Korean link. Investigators have attributed nearly all major cryptocurrency hacks over the past five years to North Korean groups, including Lazarus, also known as TraderTraitor. Experts say cybercrime raises money for the heavily sanctioned state; North Korea denies this. Cryptocurrency-flow analysis and defector interviews underpin those assessments.

Markets fell on Friday. Bitcoin dropped 5% to $76,800 in New York afternoon trading; Coinbase fell 12%, also reacting to revenue slightly below expectations, while Robinhood declined 7.8%.

Founded in China in 2017, Binance has an estimated 300 million-plus registered users and has faced regulatory scrutiny worldwide. It reported holding more than $160bn in assets in 2024. Those figures indicate its scale, but do not by themselves establish its present capacity to meet the loss.