North Korea denies Binance hack as investigators trace $6.3 billion theft

Binance estimated that hackers stole $6.3 billion in digital assets from the cryptocurrency exchange, according to The Conversation. Its report described the attack as potentially the largest theft of its kind on record.

The immediate problem extended beyond the stolen assets. Customers wanted their remaining money out. Binance gradually restarted withdrawals on Sunday, according to Il Post, and users withdrew billions as access returned.

By November 2, the FBI had publicly attributed the theft to North Korean hackers. SecurityWeek reported that the bureau identified TraderTraitor as responsible and flagged more than 600 cryptocurrency addresses tied to the heist.

The investigation also turned toward the movement of the stolen money. TechRadar reported on November 2 that investigators said the attackers were laundering assets across multiple blockchains and decentralised finance services. Gizmodo Tech reported that the FBI had asked those services to block transactions linked to the hackers.

Meanwhile, reports published on November 2 put customer withdrawals in the billions, but did not agree on a single figure. RT en Español reported net outflows of $3.64 billion after withdrawals reopened. Euronews reported Binance's statement that withdrawals on Sunday were around $4.7 billion. Net outflows and total withdrawals are different measures, so those figures are not directly interchangeable.

Binance also reported progress replacing the affected assets. On November 2, Notícias ao Minuto reported the exchange's claim that 95% of their value had been replaced. Separately, La Nacion reported that Binance said it had recovered nearly $4 billion. The coverage does not establish how those replacement and recovery figures relate.

By November 3, North Korea's denial had become the latest development. The BBC reported that it rejected responsibility for the $6.3 billion hack, calling the allegations "absurd rhetoric." Deutsche Welle reported that Kim Yo Jong dismissed the FBI's claims as Binance began reopening withdrawals on more networks.

Binance is operating withdrawals again, and Business Line reported that the exchange saw outflows stabilising. That is a change from the initial rush to withdraw, but it does not settle the question of customer confidence or the final financial damage.

The attribution remains disputed by North Korea. The FBI has blamed North Korean hackers, while blockchain researchers continue tracing billions in stolen cryptocurrency across networks, according to CNBC. Tracing those transfers is not the same as recovering the funds.

The immediate questions are how much of the stolen cryptocurrency can be recovered and whether services act on the FBI's request to block linked transactions. The address list reported by SecurityWeek provides a concrete focus for that effort.

Binance's next accounting of affected assets will also matter. The reported replacement and recovery figures describe different things, and the coverage does not yet provide a reconciled total showing what remains missing.