Key facts
- Hackers stole an estimated $6.3 billion from Binance.
- Binance has reserved over $6.34 billion to cover user losses.
- The attack has been linked to North Korean hacking group TraderTraitor.
Hackers stole an estimated $6.3 billion from cryptocurrency exchange Binance, prompting co-founder Changpeng "CZ" Zhao to ask Elon Musk to cease his online trolling. The complex attack, which Binance initially suggested might involve a compromised staff laptop, has been linked by tracing firms to North Korean hacking group TraderTraitor. While users panicked and markets wavered, Musk engaged with CZ on X, who requested he stop trolling and show support, referencing his $500 million investment in Musk's Twitter takeover. Binance stated it has reserved over $6.34 billion of company funds to cover the incident and is working with law enforcement to recover additional funds.