Binance recovers $6 billion after largest crypto hack, reimburses all customers

Binance fully restored over $6 billion stolen in the largest crypto hack on October 29, reimbursing all affected customers by November 2. The exchange funded the recovery through its SAFU insurance reserve while investigations continue. The hack occurred over roughly 20 minutes when attackers emptied user accounts, likely exploiting a compromised engineer's laptop to submit unauthorized withdrawal transactions. Binance's preliminary investigation suggests the breach bypassed standard multi-layer authentication involving public and private keys. Investigators are probing suspected North Korean-linked perpetrators, though no arrests have been made. The swift reimbursement contrasts with typical crypto thefts, where victims often face lengthy or incomplete recovery processes.