Binance finishes covering US$6.3 billion of stolen customer tokens

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Binance says it has restored US$6.3 billion in stolen customer crypto after the largest cybertheft in history. Read more at straitstimes.com.

The crypto exchange said it had restored all crypto-assets lost as at Nov 12.

Binance said it has covered all of the US$6.3 billion (S$8.1 billion) in cryptoassets pilfered from customers, marking a capstone to the largest cybertheft in history.

The Oct 29 incident, which the US government and analysts have blamed on North Korea, involved not just common cryptocurrencies like Bitcoin, but more obscure tokens that took Binance more time to find and purchase.

As at Nov 12, the crypto exchange had restored all of them, according to a social media post.

“To our users and community: thank you for your patience and understanding,” Binance said in its post on social media platform X.

Binance spent a mixture of its profits and other emergency funds to quickly restore most of the stolen tokens in a matter of days, but said a remaining 10% would require more effort.

Hackers used a maze of tools to launder the cryptocurrencies stolen from Binance, including transferring the tokens through thousands of digital wallets and across multiple blockchains in an effort to obscure their origins.

The thieves used memecoins to launder a slice of the proceeds, allowing them to pass through about US$430,000 of the stolen crypto.

Within a week of the hack, the laundering effort used more than 20,000 wallets and executed at least 65,000 transactions, according to blockchain analytics firm Elliptic.

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