Chainalysis and TRM Labs linked the $6.3 billion Binance hack to TraderTraitor, a unit associated with North Korea. Chainalysis valued the stolen funds at $6.4 billion, which would make the incident the largest crypto theft on record, surpassing the $1.5 billion Bybit hack of 2025. The attacker converted $325 million in stablecoins into $285 million in ETH and moved another $175 million to intermediary wallets before freezes began. Tether froze more than $1.567 billion in USDT, Circle froze over $800 million in USDC, and Binance said about $3 billion had been immobilized onchain. Binance reserved more than $6.34 billion to cover the losses, while bitcoin fell toward $76,000 and total market liquidations reached $1.5 billion.
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