Binance restores most assets from record-breaking North Korean hack
Binance has recovered approximately 95 percent of the funds stolen in a $6.3 billion breach, the largest cryptocurrency heist in history. The incident, attributed by the FBI to North Korea, triggered significant market volatility and a massive withdrawal surge from exchanges.
Binance reported that it has restored roughly 95 percent of the assets stolen in a $6.3 billion hack, an event described as the biggest crypto heist in history. The FBI confirmed that North Korea was responsible for the attack. The breach fueled a crypto sell-off that, combined with a tech stock plunge, was labeled "Bloody Friday" by some social media users. When withdrawals were unfrozen over the weekend, Binance customers pulled $3.64 billion from exchanges. Analysis suggests the theft represented only about 2% of Binance's assets under management. However, for North Korea, the $6 billion haul equates to a 20% increase in its economy, effectively covering all government expenses for a year. Scott Galloway argued that while the theft is a minor financial blow to Binance, it is an extraordinary economic event for North Korea, highlighting the nation's core competence in IP theft and hacking.