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$2,850,000,000 in Crypto Involved in Binance Hack Frozen or Intercepted, Says CEO Richard Teng
The co-CEO of the largest crypto exchange in the world says billions of dollars in crypto are now safeguarded by authorities and private firms following the $6.34 billion Binance hack.
Dextape brief
Binance co-CEO Richard Teng said on X that roughly $2.85 billion of the stolen funds has already been frozen or intercepted through work with law enforcement, token issuers and blockchain intelligence firms. He pointed to the roughly $6.34 billion in assets affected by the October 29 breach, which he described as a campaign that unfolded over several months. Teng said the exchange has accepted responsibility, has set aside more than the total needed, and has restored 98 percent of affected tokens, with the last 2 percent still being completed. Withdrawals have broadly restarted, and hourly deposits now exceed withdrawals. Binance plans to publish a complete report on the incident. Earlier, the FBI linked the attack to TraderTraitor, a North Korean hacking unit.
Why it matters: The response shows how coordination among law enforcement, token issuers and blockchain analysts can freeze stolen crypto after a major exchange breach.
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