Crypto giant Binance attempting to recover $6.3bn stolen in hack linked to North Korea
Binance Seeks Recovery After $6.3bn Crypto Hack
Ninoda.com – Crypto giant Binance attempting to recover assets worth $6.3bn (£4.7bn) after a major cyberattack has said it has secured about $3bn of the stolen digital funds. The exchange says it will cover customer losses as investigators work to trace the remainder.
The theft is believed to be the largest cryptocurrency heist reported so far, exceeding the $1.5bn (£1.12bn) attack on Bybit in 2025. Binance initially suspended withdrawals and deposits, although it later said deposits had not been affected. Its US-focused exchange was not impacted.
Investigation Finds Multiple Possible Entry Points
Early findings suggested an engineer’s laptop may have been compromised, allowing unauthorised withdrawals. Binance later said its investigation had identified additional points of breach, indicating a wider security incident.
“This was not carried out by one person. Our initial investigation suggested that the security incident may have involved a compromised laptop, however our subsequent investigation has uncovered additional points of breach.”
Co-chief executive Richard Teng said the attackers used a self-destruct mechanism designed to erase tools and traces during the operation, making the investigation more difficult.
Binance has not publicly identified the people responsible. However, blockchain analytics firms have said aspects of the attack resemble previous incidents linked to North Korean cybercrime groups. TRM Labs cited similarities with earlier attacks, while Chainalysis said it had high confidence that a North Korean was connected to the hack.
Authorities Work to Trace and Freeze Funds
Crypto giant Binance attempting to recover the stolen assets is cooperating with law-enforcement agencies, including the FBI. The US Secret Service has said it is working to locate, trace, freeze and retrieve the funds, as well as identify those responsible.
Even where an exchange itself was not affected, authorities may be able to investigate transactions involving US-based issuers. Some of the stolen assets are connected to dollar-pegged stablecoins issued by Tether and Circle.
Recovering cryptocurrency often depends on cooperation between exchanges, blockchain analysis firms, stablecoin issuers and police agencies in several countries. Freezing assets can stop tokens being moved through participating services, but it does not guarantee that every stolen coin can be recovered.
Attackers can transfer assets through numerous wallets and platforms in an effort to disguise their source. Binance says roughly half of the stolen amount has been secured, while a significant share remains under the control of unidentified attackers.
Binance Promises to Protect Customers
Binance has sought to reassure users that their balances will be protected despite the scale of the theft.
“Your money is safe, and we’re covering every loss.”
The company was founded in China in 2017 and is estimated to have more than 300 million registered users worldwide. In 2024, it said it held more than $160bn in assets under custody.
Crypto giant Binance attempting to recover the missing funds faces questions over how a multibillion-dollar loss could affect its operations. The company has repeatedly said it can absorb the damage, though its assurances have drawn comparisons with statements made by FTX before that exchange collapsed in 2022.
Legal specialists say a public commitment to reimburse users may not resolve every potential claim. Any legal dispute could depend on account terms and the jurisdiction in which a customer is able to bring a case.
FAQ: What the Binance Hack Means for UK Users
Are Binance customer funds protected?
Binance has said it will cover every loss linked to the incident and that customer money is safe. Users should still monitor official account notices and be cautious of phishing messages claiming to offer recovery help.
Why can stolen cryptocurrency be difficult to recover?
Digital assets can be rapidly moved between wallets and services. Recovery is more likely when funds reach platforms or stablecoin issuers able to freeze them, but tracing and securing every asset can take time.
Was Binance’s US exchange affected?
Binance said its US-focused exchange was not affected by the breach. The wider investigation may still involve US authorities because some stolen assets are linked to US-based issuers.