{"id":33481,"date":"2026-11-04T08:49:49","date_gmt":"2026-11-04T08:49:49","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/11\/04\/binance-hack-2-85-billion-frozen-98-percent-assets-reimbursed\/"},"modified":"2026-11-04T08:49:57","modified_gmt":"2026-11-04T08:49:57","slug":"binance-hack-2-85-billion-frozen-98-percent-assets-reimbursed","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/binance-hack-2-85-billion-frozen-98-percent-assets-reimbursed\/","title":{"rendered":"Binance Hack: $2.85 Billion Frozen, 98% of Assets Reimbursed"},"content":{"rendered":"\n

The world’s largest crypto exchange<\/strong> has just weathered one of the most sophisticated cyberattacks<\/strong> in the history of the industry. $6.34 billion<\/strong> worth of digital assets were compromised \u2014 and the coordinated response that followed is redefining crisis management standards across the sector.<\/p>\n\n\n\n

In under a week, law enforcement agencies, stablecoin issuers, and blockchain intelligence<\/strong> firms managed to freeze or intercept $2.85 billion<\/strong> in stolen funds. A speed of execution that traditional finance simply cannot match.<\/p>\n\n\n\n

Meanwhile, the FBI<\/strong> has officially attributed the attack to TraderTraitor<\/strong>, the elite North Korean<\/strong> hacker unit. Here is everything we know.<\/p>\n\n\n\n

A Months-Long Attack, a Response in Days<\/h2>\n\n\n\n

On October 29, Binance<\/a><\/strong> was targeted by a malicious campaign of unprecedented scale. Richard Teng<\/strong>, co-CEO of the exchange, published a detailed statement on X, taking full responsibility<\/strong> for the incident and announcing that the platform had provisioned more than the total amount needed to cover all losses.<\/p>\n\n\n\n

This was not a simple vulnerability exploited over a few hours. Teng made that clear himself: “This was not an isolated mistake or a single breach \u2014 it was a months-long campaign.”<\/em> The attack combined both on-chain and off-chain<\/strong> intrusion vectors, which explains its sophistication and the difficulty in detecting it early.<\/p>\n\n\n\n

At this stage, 98% of impacted tokens have been reimbursed<\/strong>, with the remaining 2% currently being processed. Withdrawals have largely resumed on the platform, and Teng points to an encouraging signal: hourly deposits are now outpacing withdrawals, a sign that user confidence is gradually being restored.<\/p>\n\n\n\n

$2.85 Billion Frozen: Blockchain Coordination Outpaces Traditional Finance<\/h2>\n\n\n\n
\"Binance<\/figure>\n\n\n\n

Of the $6.34 billion<\/strong> in compromised assets, $2.85 billion have already been frozen or intercepted<\/strong> through a three-way coordination between law enforcement, asset issuers (notably stablecoin issuers such as Tether<\/strong> and Circle<\/strong>, which are capable of blacklisting addresses within hours) and specialist blockchain intelligence<\/strong> firms such as Chainalysis<\/strong> and TRM Labs<\/strong>.<\/p>\n\n\n\n

This responsiveness highlights a structural advantage that blockchain<\/a><\/strong> holds over traditional finance: full, real-time traceability<\/strong> of fund flows. Where a fraudulent bank transfer can take weeks to be blocked through international interbank procedures, on-chain<\/strong> tools make it possible to identify and freeze suspicious wallets within hours. Teng himself underlined this point: “The speed of coordination could not have been matched in traditional finance.”<\/em><\/p>\n\n\n\n

Binance<\/strong> has also announced the publication of a comprehensive incident report, with the goal of sharing lessons learned beyond its own platform \u2014 a rare move in an industry where exchanges tend to downplay security incidents.<\/p>\n\n\n\n

TraderTraitor: North Korea Behind the Attack<\/h2>\n\n\n\n

The FBI<\/strong> has officially attributed this cyberattack to TraderTraitor<\/strong>, the elite hacker unit linked to the North Korean<\/strong> regime, based on robust on-chain and off-chain intelligence. This group is already responsible for several of the largest thefts in crypto history, including the Ronin Network<\/strong> hack ($625 million in 2022) and the Bybit<\/a><\/strong> breach earlier this year.<\/p>\n\n\n\n

TraderTraitor<\/strong> typically operates through social engineering<\/strong> campaigns targeting employees at exchanges or DeFi<\/strong> protocols, combined with sophisticated technical exploits. The months-long timeframe mentioned by Teng is entirely consistent with the group’s modus operandi, which involves gradually infiltrating systems before striking at scale.<\/p>\n\n\n\n

This attribution raises broader questions about the security of global crypto infrastructure when faced with state-sponsored actors commanding considerable resources. For Binance<\/strong>, the immediate priority remains finalizing reimbursement of the outstanding 2% and strengthening its security protocols ahead of the full post-mortem report.<\/p>\n\n\n\n

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