Binance tries to recover $6.3 billion stolen in hack
By the AFREEQUE newsroom, based on MyJoyOnline
Illustrative image · Bastian Riccardi · Pexels · Licence PexelsBinance is trying to recover $6.3 billion in cryptocurrency stolen in a hack attributed to hackers linked to North Korea. The investigation points to several points of compromise and a self-destruct mechanism, while the platform says it has set aside more than $6.34 billion to cover the stolen assets, according to MyJoyOnline.
Binance has set aside more than $6.34 billion to cover the stolen assets and is trying to replace them by buying several cryptocurrencies, co-chief executive Richard Teng said, quoted by MyJoyOnline. The announcement comes after an intrusion that the company believes was not carried out by a single person.
The internal investigation initially pointed to a compromised DevOps engineer’s computer before identifying several access points. The hackers allegedly used a self-destruct mechanism to erase their tools and tracks, complicating the search, according to Richard Teng. Binance has repeatedly said that its customers’ funds will be covered and that the company can absorb the loss.
The hack weighed on markets on Friday: bitcoin fell 5% to $76,800, while Coinbase shares fell 12% and Robinhood shares 7.8% in New York. Lawyers nevertheless warned that Binance’s promise might not constitute a legally binding guarantee for its customers. Lawyer Daniel Tunkel of London firm Edwin Coe believes that any legal action would depend on the commitments set out in users’ contracts.
TRM Labs, a company specialising in artificial-intelligence-based investigations, noted similarities between several elements of the attack and operations previously attributed to North Korea, according to MyJoyOnline. Founded in China in 2017, Binance claims more than 300 million registered users worldwide and reported more than $160 billion in assets held in 2024.
