How hard is it to recover the $6 billion stolen from Binance?
Summary
Binance says it is working with law enforcement and industry partners to recover more than $6 billion in assets stolen in a cyberattack. Companies froze about $3 billion, but roughly $2.4 billion in bitcoin and ether cannot be frozen by token issuers, and recovering assets may require court proceedings.Key Facts
- Binance said it will use company funds to cover users’ full losses.
- TRM Labs and other security firms attributed the attack to TraderTraitor, a hacking group linked to North Korea.
- Binance said the operation took about 20 minutes and involved its internet-connected wallets.
- Circle and Tether froze $2.4 billion in assets within an hour of the attack, according to TRM Labs’ global head of policy.
- Binance said a total of $3 billion in crypto assets had been frozen.
- Roughly $2.4 billion in stolen bitcoin and ether cannot be frozen by token issuers, according to TRM Labs.
- Recovering seized assets may require law enforcement warrants and a civil forfeiture case in court.
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