Binance's $6.3B Crypto Heist: North Korea Suspected, Funds Recovered

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Binance, the world's largest cryptocurrency exchange, was hacked on Thursday, with digital assets worth $6.3 billion stolen in about 20 minutes. The FBI attributed the attack to TraderTraitor, a hacker group linked to North Korea. Binance suspended withdrawals to investigate and has since restored about 95% of the stolen assets, using $6.34 billion from its emergency funds to cover losses. Blockchain firms froze an additional $2.7 billion in assets, while the hackers reportedly began converting funds to Ethereum to launder them. Binance co-founder Changpeng Zhao publicly clashed with Elon Musk, who mocked the hack on X, prompting Zhao to remind Musk that Binance holds over $1 billion in SpaceX shares. The exchange has gradually resumed withdrawals for 15 cryptocurrencies.


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