Binance Secures $3bn of $6.3bn North Korea-Linked Hack — SkimNews
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- Binance said around half of the $6.3bn haul had been frozen and $3bn had been secured, while many assets remained with unidentified hackers; the hack, believed to be a record, eclipsed the $1.5bn Bybit theft in 2025.
- Binance said its investigation found additional breach points beyond an initially suspected compromised DevOps laptop; the hackers also used a self-destruct mechanism that destroyed tooling and traces as they went.
- Binance set aside more than $6.34bn in company funds, said it was actively buying a range of crypto tokens, and told users “your money is safe” and it would cover every loss; it estimated more than 300 million registered users and reported over $160bn in assets under custody in 2024.
- The US Secret Service said it was working around the clock to identify, freeze, trace and recover the stolen funds; Binance said it was working with the FBI, while the inclusion of Tether and Circle stablecoins gave the U.S. jurisdiction to investigate.
- TRM Labs said several elements resembled earlier North Korea-linked incidents, including the Bybit hack, while Chainalysis expressed “high confidence” that a North Korean was linked to the breach.
- Bitcoin fell 5% to $76,800 in Friday afternoon trading in New York after the hack spooked crypto markets; Coinbase dropped 12% as investors also reacted to revenue slightly below expectations, and Robinhood fell 7.8%.
- Daniel Tunkel said enforceability of Binance’s loss coverage would depend on customer contracts and possible lawsuits, while experts warned users not to regard the company’s promise as legally binding.
Why it matters: By setting aside more than $6.34bn in company funds, Binance is committing its own capital to cover a $6.3bn theft, yet experts say users’ recovery depends on contractual promises and litigation. Crypto history watchers compared the reassurance to FTX’s message before its 2022 collapse, so Binance’s pledge is not equivalent to a guaranteed legal remedy.
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