Crypto giant Binance attempting to recover $6.3bn stolen in hack linked to North Korea
Summary
Binance says hackers accessed about $6.3 billion in digital assets and that the exchange has secured roughly $3 billion. Investigators and analytics firms have linked the attack to North Korea, while Binance and U.S. authorities work to trace and recover the remaining funds.Key Facts
- Binance initially suspected that an engineer’s laptop had been compromised, but later said its investigation found additional points of breach.
- Binance co-CEO Richard Teng said the attackers used a mechanism that destroyed tools and traces, complicating the investigation.
- Several analytics firms have linked the hack to North Korean hackers; Chainalysis said it had high confidence that a North Korean was connected.
- The U.S. Secret Service said it was working to identify, freeze, trace, and recover the stolen funds.
- Binance says it is working with the FBI and will cover customer losses.
- Binance initially suspended deposits and withdrawals, then said deposits remained unaffected.
- The reported $6.3 billion loss would exceed the $1.5 billion Bybit exchange hack in 2025.
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