Crypto firms and law enforcement are racing to recover more than $6 billion in cryptocurrency stolen from Binance, which says its Secure Asset Fund for Users will cover losses. TRM Labs and Chainalysis have attributed the hack to the North Korea-linked group TraderTraitor, and stablecoin issuers such as Circle and Tether have frozen around $3 billion so far. The hackers reportedly sold USDT and borrowed ether against it, since ether is harder to freeze, and moved funds back and forth between wallets and to Tron addresses to obscure their trail. Investigators also see growing use of professional money laundering networks linked to China, which buy crypto off-chain and return it as stablecoins or fiat, making recovery harder the further funds travel. Chainalysis says it now has automated tools to track the funds, and TRM Labs says its tracing is improving.
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cryptoBinancestablecoinscybersecurity
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Related tickers and likely impact
BNB/USDT
▼ Likely negativeBNB
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Exchange tokens |
| Market cap | $97.5B |
| Close on 10/29/2026 | 698.46 |
| Change that session | -8.08% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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