Binance hack estimated at $6.3 billion puts crypto custody and recovery in focus
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Binance, the world’s largest crypto exchange, was hacked on October 29 with an estimated impact of $6.3 billion, the largest crypto theft on record. About $3 billion of stolen assets has been frozen so far, per a Binance security update; co-CEO Richard Teng said the exchange will cover all hacked losses from company funds. Blockchain investigators at TRM Labs and Chainalysis linked the attack to North Korea, but neither the U.S. government nor Binance has publicly confirmed any source.
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