Binance races to recover $6.3 billion after record crypto hack
What's new: About $3 billion has been frozen, but investigators say hackers linked to North Korea are moving the rest into harder-to-seize assets.
Binance is scrambling to recover $6.3 billion in client assets after what it called the largest crypto hack on record, with investigators tracking funds they say were stolen by the North Korean-linked group TraderTraitor. The exchange said about $3 billion has been frozen across blockchain networks, while the remaining funds are being shifted through tactics designed to frustrate seizures. Investigators at TRM Labs and Chainalysis said the hackers rapidly sold some stablecoins, borrowed ether against them and began using new laundering patterns. Binance said it will cover customer losses, using its SAFU reserve and company funds. The breach has renewed scrutiny of the risks of keeping crypto on exchanges and the industry's ability to safeguard assets at scale.