Binance Replaces $6.3B in Stolen Assets, Updates Proof of Reserves

Binance says it has replaced all assets stolen in the October 29 security breach, which resulted in losses of approximately $6.3 billion. The exchange disclosed the recovery on November 13, alongside an updated Proof of Reserves snapshot that uses zero-knowledge proofs to help customers verify their balances.

The system allows users to check whether Binance holds sufficient reserves to cover customer deposits following weeks of recovery efforts.

North Korean Hackers Used Meme Tokens to Launder Funds

Blockchain analytics firm Elliptic identified a laundering technique involving newly created meme tokens on the NEAR blockchain. Attackers paired tokens with little or no market value with legitimate assets in liquidity pools to exchange stolen cryptocurrency and move funds between wallets.

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In a November 9 report, Elliptic said similar methods appeared during the Bybit hack, involving activity on Tron and subsequent Binance-related transactions on Solana.

FBI Links Binance Hack to North Korea

The October 29 attack targeted Binance hot wallets across multiple blockchain networks. The FBI later attributed the breach to North Korea’s TraderTraitor hacking group.

Binance initially blamed a compromised employee laptop but later identified additional entry points. The exchange committed company funds, including its Secure Asset Fund for Users (SAFU), to cover customer losses. It had previously reported replacing approximately 95% of the affected assets as recovery efforts continued.

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