Binance says it has covered 90% of $6.3bn hack losses; FBI attributes attack to North Korea

Unbiased summary

Cryptocurrency exchange Binance announced that it has replaced 90% of the approximately $6.3 billion in assets stolen in a hack on Thursday, with the remaining 10% of less liquid tokens expected to take longer to acquire. Binance stated it has set aside over $6.34 billion of company funds to cover all losses and aims to resume user withdrawals on Sunday. The FBI confirmed on Saturday that North Korea was responsible for the theft, naming the TraderTraitor group, which is believed to be part of the Lazarus Group. Binance's initial investigation suggested an engineer's laptop was compromised, but later updates indicated additional points of breach. The hack is considered the largest cryptocurrency theft on record, surpassing the 2025 Bybit hack of $1.5 billion.

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Coverage by outlet

The Guardian left

Angle The Guardian frames the story around the scale of the hack and North Korea's involvement, while also highlighting Binance's commitment to cover losses and the FBI's attribution.

Bias The Guardian provides detailed coverage of the FBI statement and Binance's response, but includes some dramatic language such as 'largest heist in history' and emphasises the Sony Pictures hack connection. It largely sticks to factual reporting but adds context about North Korea's history and expert quotes that may amplify the severity. It does not omit key facts but leans slightly towards a sensational tone in parts.

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BBC News centre-left

Angle BBC News presents a straightforward account focused on Binance's loss coverage and the FBI's confirmation of North Korea's responsibility, with a neutral tone.

Bias The BBC's coverage is notably balanced, sticking closely to verified statements from Binance and the FBI. It includes details about the assets covered and withdrawal resumption, and notes North Korea's denial of involvement. There is minimal deviation from objective facts, with no apparent emphasis or omission that would indicate bias.

Crypto firm Binance covers 90% of losses after $6.3bn hack

City AM centre-right

Angle City AM focuses on the business and market impact of the hack, noting the scale of affected assets and the freeze on customer accounts.

Bias City AM accurately reports the basic facts but initially states that North Korean involvement 'has not been confirmed' despite the FBI's confirmation, which is a notable omission if the article was published after the FBI statement. It emphasises the market reaction and Binance's founder's legal history, which adds a critical angle not central to the hack itself. The coverage leans towards a financial angle but includes some outdated or incomplete attribution.

Crypto giant Binance hit by ‘largest hack in history’

Daily Mail right

Angle The Daily Mail emphasises the dramatic and sensational aspects of the hack, focusing on the 'biggest hack in history' and 'surreal details' of the event.

Bias The Daily Mail leads with dramatic language and highlights the FBI's confirmation while adding colourful details about executives' panic and real-time reactions, sourced from the New York Times. It downplays the technical and financial recovery aspects, instead prioritising the sensational narrative. This framing strays from neutral reporting by amplifying emotional and anecdotal elements over factual recovery progress.

FBI confirms North Korea was responsible for 'biggest hack in history' after $6.3billion was stolen from crypto giant Binance... as surreal details of 'high-speed robbery' are revealed