Binance hack, 16 days later: $2.7B frozen, including more than $1.2B targeted by a DOJ seizure order, and 87 withdrawal networks reopened this week.
October 29: more than $6B in assets are stolen from Binance ($6.3B according to Reuters). The FBI attributes the attack to TraderTraitor, a hacking group linked to the North Korean army.
November 1: withdrawals resume in phases, with 15 networks reopened in the first wave.
November 12: the U.S. Department of Justice announces that more than $2.7B has been frozen (by authorities and private-sector actors), including more than $1.2B that a court has authorized to be seized or blocked. The DOJ says the attackers continue to launder the rest through bridges, mixers, and exchanges.
November 14: Binance writes on X that it reopened withdrawals on 87 networks this week, and is aiming to reopen all remaining networks and assets by the end of next week (as reported by Reuters).
My take: a simple calculation puts the share of the stolen funds that has been frozen at about 43% (2.7 out of 6.3). The remaining ~$3.6B is still out there. For the platform, the real test is the timeline: the “by the end of next week” promise can be verified.
Meanwhile, the $BNB is trading at $617.8 on Binance at 09:50 UTC (24-hour low of $612.65), and the $BTC 67 is at $250.
What to watch:
- if the remaining networks reopen on schedule, one of the last operational risks related to the hack disappears;
- a delay, or large transfers from the attacker’s addresses, would revive concerns.
Do you still have assets on a network that hasn’t reopened yet, or has everything made its way back to you?
#Binance #CryptoNews
Sources: U.S. Department of Justice (November 12 press release), Binance on X via Reuters and PANews (November 14), Binance BNBUSDT API, November 14, 09:50 UTC. Not financial advice.
October 29: more than $6B in assets are stolen from Binance ($6.3B according to Reuters). The FBI attributes the attack to TraderTraitor, a hacking group linked to the North Korean army.
November 1: withdrawals resume in phases, with 15 networks reopened in the first wave.
November 12: the U.S. Department of Justice announces that more than $2.7B has been frozen (by authorities and private-sector actors), including more than $1.2B that a court has authorized to be seized or blocked. The DOJ says the attackers continue to launder the rest through bridges, mixers, and exchanges.
November 14: Binance writes on X that it reopened withdrawals on 87 networks this week, and is aiming to reopen all remaining networks and assets by the end of next week (as reported by Reuters).
My take: a simple calculation puts the share of the stolen funds that has been frozen at about 43% (2.7 out of 6.3). The remaining ~$3.6B is still out there. For the platform, the real test is the timeline: the “by the end of next week” promise can be verified.
Meanwhile, the $BNB is trading at $617.8 on Binance at 09:50 UTC (24-hour low of $612.65), and the $BTC 67 is at $250.
What to watch:
- if the remaining networks reopen on schedule, one of the last operational risks related to the hack disappears;
- a delay, or large transfers from the attacker’s addresses, would revive concerns.
Do you still have assets on a network that hasn’t reopened yet, or has everything made its way back to you?
#Binance #CryptoNews
Sources: U.S. Department of Justice (November 12 press release), Binance on X via Reuters and PANews (November 14), Binance BNBUSDT API, November 14, 09:50 UTC. Not financial advice.
