Binance Recovers 90% of Stolen Funds Following Massive Crypto Hack
Binance reports a significant recovery, replenishing 90% of the $6.3 billion in digital assets lost in the largest crypto hack on record.
POLICY WIRE — Global, USA — Cryptocurrency giant Binance has announced that approximately 90% of the funds stolen in a major cyberattack have been replenished. The attack, which occurred on October 29-30, resulted in the loss of an estimated $6.3 billion to $6.4 billion in digital assets.
The cyber heist, described by some as one of the ‘biggest bank heists in human history,’ targeted one of the world’s largest cryptocurrency exchanges. Binance has since taken steps to ensure user funds are secure and to restore confidence in the platform.
Chainalysis, a blockchain analysis firm, has linked the hacker, known as TraderTraitor, to North Korea. The stolen funds have been traced to the recent Bitget theft, with about $2.8 billion currently frozen.
Binance has assured users that their funds are ‘safe’ and provided details on the recovery process, including the sources of the replenished funds. The exchange is also offering guidance for compliance teams to help prevent similar incidents in the future.
Reporting by Policy-Wire (PW)
