Hackers stole $6.3 billion in crypto, but cashing in is the hard part

Hackers stole $6.3 billion in cryptocurrency from Binance on 29 October, potentially the largest single theft in history, but they now face major challenges converting the stolen assets into spendable money. Investigators froze or seized approximately $2.85 billion, or 44% of the stolen funds, by 1 November, with Tether blocking over $1 billion within 37 minutes. Binance has replenished about 95% of customer losses from its own reserves, though recovering assets from the hackers remains separate. The attackers moved funds rapidly across wallets, accepting losses of 12-26% on exchanges, and may use bridges or mixers to obscure trails. However, public ledgers and monitoring firms complicate efforts to convert the cryptocurrency into lasting value.