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Binance has begun recovering some of the assets stolen in the reported cyberattack, with stablecoin providers freezing approximately $2.8 billion. However, around $3 billion may remain beyond recovery, according to blockchain analytics firms.
The cryptocurrency exchange said it expects to restore customer withdrawals within two days. It also confirmed that it has allocated more than $6 billion in company funds to cover potential customer losses.
Following the incident, Binance temporarily suspended withdrawals and pledged to compensate customers for any losses.
The attack has also triggered reactions across the cryptocurrency industry and social media. Former Binance CEO Changpeng Zhao publicly addressed Elon Musk after the billionaire posted several laughing and grimacing emojis in response to the incident on X.
Zhao asked Musk to avoid making jokes about the situation, pointing out that Binance holds investments in Musk’s businesses worth more than $1 billion.
The incident has also affected cryptocurrency markets. Bitcoin fell below $80,000 for the first time in a month, while Ethereum dropped to approximately $2,230, reaching a two-month low. Shares of cryptocurrency-related companies also declined.
Industry experts have described the incident as one of the largest cryptocurrency thefts ever reported by monetary value. Nic Puckrin, CEO of Coin Bureau, said the incident could potentially be considered the biggest hack in terms of financial losses. Ari Redbord, Global Head of Policy at TRM Labs, also described it as an exceptionally large-scale theft.
Binance confirmed that it is working with law enforcement agencies, including the US Secret Service, alongside blockchain intelligence firms, token issuers and other cryptocurrency exchanges.
The coordinated effort aims to trace the stolen assets, identify those responsible and recover as much of the funds as possible.
According to blockchain analytics firm TRM Labs, the hacking group known as TraderTraitor, which is suspected of carrying out the attack, is linked to North Korea. The firm said its assessment was based on several similarities between this incident and previous cyberattacks attributed to North Korean-linked hackers.
Meanwhile, Binance has launched a comprehensive security review covering its endpoint systems, cloud infrastructure and key management processes.
The company stated that there is currently no evidence suggesting that the attackers still have direct access to its funds.
Recovery efforts remain ongoing, but the final amount of stolen cryptocurrency that can be retrieved is still uncertain.