Crypto giant Binance attempting to recover $6.3bn stolen in hack linked to North Korea

Crypto exchange Binance is attempting to recover $6.3 billion stolen in a hack linked to North Korea. Co-CEO Richard Teng revealed that the security incident involved more than one breach point and used a self-destruct mechanism, making it difficult to trace. Binance set aside more than $6.34 billion to cover the stolen assets and is actively buying various crypto tokens.

The hack caused a drop in cryptocurrency markets, with Bitcoin down 5% and Coinbase down 12%. Binance, founded in China in 2017, has over 300 million registered users and more than $160 billion in assets under its custody. Despite assurances that customer funds will be covered, some industry experts warn that Binance's promises may not be legally binding and customers may need to pursue litigation.

The attack appears to resemble earlier North Korean-linked incidents, with Chainalysis stating high confidence in North Korean involvement.