Binance Works to Recover Billions After What May Be the Largest Hack in History

The US Secret Service says investigators are working to recover up to $6.3 billion in cryptocurrency stolen from Binance in what is believed to be the largest hack in history. The cryptocurrency exchange says it has already begun recovering some of the funds and will cover customers' losses.

The Details: Binance, the world's largest cryptocurrency exchange, said hackers stole more than $6 billion from its trading platform. The attack targeted internet-connected wallets, known as hot wallets, and took roughly 20 minutes, according to the company.

In response, Binance explained the situation on X, saying as "an immediate precaution," it has temporarily suspended deposits and withdrawals, working with law enforcement and blockchain intelligence partners to track down and recover funds. The company also vowed to cover customers' full losses using its own funds.

Group Behind The Attack: Security firms and analysts have linked the hack to an elite North Korean hacking group known as TraderTraitor, according to reporting from BBC News (Center). North Korea has been tied to other major cryptocurrency thefts, which have become a source of revenue for the country.

What Happens Next: Investigators are continuing to trace the stolen funds and identify those responsible. Binance has also temporarily suspended withdrawals while it tests its systems. Recovering frozen assets will require moving them to secure wallets and, ultimately, government officials pursuing civil forfeiture proceedings in court.

How The Media Covered It: Media coverage largely focused on the scale of the Binance hack and the challenges of recovering the stolen cryptocurrency, with Fox Business (Lean Right bias) also examining the potential for future AI-driven cyberattacks. CBS News (Lean Left) took a more practical approach, explaining how Binance and investigators are trying to recover the stolen funds, why some assets may be harder to retrieve and what the legal process involves. 

Written by the AllSides staff (of humans). Learn more. Support our mission.