Investigators race to recover $6.3 billion stolen from Binance

Investigators are racing to trace and recover $6.3 billion stolen from cryptocurrency exchange Binance in a hack, before the attackers can launder the funds. The theft, discovered on October 29, is the largest in exchange history. The hackers are attempting to convert crypto into fiat currency, creating a time-sensitive challenge, according to TRM Labs. Stablecoin issuers Circle and Tether have frozen about $3 billion of the stolen assets. Investigators are tracking blockchain transactions, though hackers are using automated tools to move funds between addresses and obscure their trail. Both TRM Labs and Chainalysis attribute the attack to North Korean group TraderTraitor, which may use Chinese money-laundering networks. Binance has pledged to cover all user losses through its Secure Asset Fund for Users and company reserves, totaling over $6.3 billion.