Binance’s recovery from the biggest crypto hack in history | Explained

On October 29, Binance, the world’s largest cryptocurrency exchange, reported a “potential security issue” involving large transfers that suggested a possible hack. In response, Tether and Circle froze over $2 billion worth of stablecoins to prevent further damage. Binance's founder later confirmed it "does look like a hack." The company has since frozen around $2.54 billion in crypto funds as it investigates the incident. As of November 3, Binance detailed that hackers used fake job interviews and malicious code to steal approximately $6.3 billion. The exchange reported recovering about 98% of the stolen assets using its own reserves. Experts suspect North Korean state actors are behind the theft due to their past involvement in cryptocurrency hacks for regime funding.