Binance has secured approximately $3bn of digital assets following a cyber hack that accessed $6.3bn (£4.7bn) of funds.
The cryptocurrency exchange has frozen roughly half of the stolen assets. Binance stated that deposits remain unaffected and assured customers that their money is safe while the company covers every loss.
CEO Richard Teng said, "This was not carried out by one person. Our initial investigation suggested that the security incident may have involved a compromised laptop, however our subsequent investigation has uncovered additional points of breach." Several analytics firms claim the hack is linked to a North Korean hacking unit.
Chainalysis expressed high confidence that a North Korean is linked to the hack. TRM Labs noted that several elements of the attack resembled earlier North Korean-linked incidents, including the Bybit hack. North Korea has always denied using cyber crime to raise public funds.
Binance is also working with the FBI on the investigation. Founded in China in 2017, Binance is estimated to have more than 300 million registered users worldwide. The platform held more than $160bn in assets under its custody in 2024.
