The funds stolen from Binance belonged to customers through a trust operated by Nest Clearing and Custody Limited, rather than to the platform itself. However, Binance’s contract does not require insurance against theft or specify who must cover the shortfall, despite the company’s promise to reimburse losses. After the attack, ether reserve coverage fell to roughly 94%, while about $2.4 billion in bitcoin and ether remained beyond the reach of issuers in the hands of North Korean hackers. Tether, Circle, Ripple and World Liberty also froze around $2.8 billion in stablecoins, although returning the funds to victims could take six to eighteen months.
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