United

would

<a href="https://www.thestreet.com/crypto/markets/binances-hack-has-me-fearing-phone-chargers" rel="noopener noreferrer nofollow">Twenty minutes.</a>&nbsp;$6.3 billion. That’s how fast hackers <a href="https://www.thestreet.com/crypto/markets/binances-hack-has-me-fearing-phone-chargers" rel="noopener noreferrer nofollow">drained Binance</a> on Oct. 29, in what the <a href="https://apnews.com/article/binance-cryptocurrency-security-hack-north-korea-550e9b876550f71f07098494fe735beb" rel="noopener noreferrer nofollow">Associated Press</a> called likely the largest crypto theft on record.
The attack began around 4:20 p.m. ET, according to blockchain analytics firm Chainalysis, and prompted Binance to temporarily suspend withdrawals.
Binance said approximately <a href="https://www.binance.com/en/support/announcement/detail/c5a8729a97ac486d963784d96c5642d7" rel="noopener noreferrer nofollow">$3 billion</a> in stolen assets had been frozen with industry assistance. By Nov. 2, the exchange had replaced most of the affected assets using its own resources and begun restoring withdrawals.
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 Source: <a href="https://www.chainalysis.com/blog/binance-exploit-latest-findings-and-response/" rel="noopener noreferrer nofollow">Chainalysis</a>
 </figcaption>
</figure>
<a href="https://www.cnbc.com/2026/10/31/binance-hack-asset-coverage-withdrawals.html" rel="noopener noreferrer nofollow">The company said</a> users would not bear the losses.
<a href="https://www.thestreet.com/crypto/markets/okx-founder-says-no-exchange-is-absolutely-safe" rel="noopener noreferrer nofollow">Related: OKX founder says no exchange is absolutely safe</a>
<h2 id="how-the-6-3-billion-binance-hack-unfolded">How the $6.3 billion Binance hack unfolded</h2>
In a <a href="https://x.com/binance/status/2117626126214504729" rel="noopener noreferrer nofollow">Nov. 3 report</a>, Binance detailed how hackers infiltrated its systems. The findings remain preliminary, with an independent review pending.
The attack was meticulously planned, and began in September when an engineer was approached through a recruitment platform and tricked into downloading a malicious coding assignment.
<figure>
 <figcaption>
 How did hackers drain $6.3 billion from Binance in about 20 minutes (3:39)
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By Oct. 20, attackers had used the compromised computer and an internal AI tool to access two other engineers and obtain software deployment permissions.
On Oct. 29, they used stolen credentials to deploy malicious code and access Binance's wallet signing service.
They also exploited Ethereum's EIP-7702 mechanism, allowing unauthorized transfers to continue even after withdrawals were suspended.
Binance said approximately $6.34 billion was affected, with $2.85 billion frozen or intercepted.
As of Oct. 31, 98% of affected token assets had been replenished.
<h2 id="cz-seeks-u-s-government-help-after-binance-hack">CZ seeks U.S. government help after Binance hack</h2>
In a Nov. 3 Talking Tokens interview with Jacquelyn Melinek, Zhao said he learned about the hack around midnight in the United Arab Emirates.
No longer the CEO since 2023, he focused on reassuring the crypto community rather than managing Binance's response.
When asked about President Donald Trump's <a href="https://en.yna.co.kr/view/AEN20261101000351315" rel="noopener noreferrer nofollow">willingness to discuss</a> the hack with North Korea, Zhao called for a potential U.S. involvement.
<blockquote>
 "We would love for them to help us. Myself, Binance as a company, the industry, the crypto industry as a whole, would love to get help from the U.S. government," <a href="https://x.com/_TalkingTokens/status/2117572018677698791" rel="noopener noreferrer nofollow">Zhao said</a>.
</blockquote>
He identified Washington and Beijing as governments capable of communicating with Pyongyang.
Zhao clarified that he had not personally spoken with Trump or anyone in Washington about the incident.
Trump granted Zhao a full and <a href="https://www.reuters.com/world/us/trump-pardons-convicted-binance-founder-zhao-white-house-says-2025-10-23/" rel="noopener noreferrer nofollow">unconditional pardon</a> on Oct. 23, 2025, following his conviction over anti-money-laundering compliance failures. Zhao had publicly confirmed <a href="https://www.coindesk.com/policy/2025/05/08/binance-founder-cz-confirms-he-has-applied-for-trump-pardon-after-prison-term" rel="noopener noreferrer nofollow">applying for clemency</a> earlier that year.
<h3 id="trending-on-thestreet-roundtable">Trending on TheStreet Roundtable:</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/markets/trump-responds-to-binance-hack-" rel="noopener noreferrer nofollow">Trump responds to Binance hack</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/north-korea-denies-fbis-6b-binance-hack-claim" rel="noopener noreferrer nofollow">North Korea denies FBI's $6B Binance hack claim</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/cathie-woods-ark-warns-of-growing-threat-after-binance-hack" rel="noopener noreferrer nofollow">Cathie Wood's Ark warns of growing threat after Binance hack</a></li>
</ul>
<h2 id="north-korea-rejects-fbi-accusations">North Korea rejects FBI accusations</h2>
On Oct. 31, the FBI <a href="https://www.fbi.gov/investigate/cyber/alerts/2026/north-korea-responsible-for-6-billion-binance-attack" rel="noopener noreferrer nofollow">attributed the theft</a> to North Korea's TraderTraitor hacking group, also linked to the <a href="https://www.fbi.gov/investigate/cyber/alerts/2025/north-korea-responsible-for-1-5-billion-bybit-hack" rel="noopener noreferrer nofollow">$1.5 billion</a> Bybit attack in 2025.
The agency warned that hackers were converting stolen assets into Ether and could move them through decentralized finance platforms.
North Korea rejected the allegations on Nov. 3.
Kim Yo Jong, sister of leader Kim Jong Un, called the U.S. accusations a <a href="https://en.yna.co.kr/view/AEN20261103000653315" rel="noopener noreferrer nofollow">"grave political provocation,"</a> according to Yonhap.
She also suggested Washington's plans to retain seized cryptocurrency raised questions about who might ultimately benefit from recovering the stolen assets, without providing evidence.
Her remarks addressed the FBI's accusations, not Zhao's appeal for assistance.
<h2 id="the-roundtable-100">The Roundtable 100</h2>
If you follow our market coverage, don’t miss the <a href="https://roundtable100.com/tab/rankings" rel="noopener noreferrer nofollow">Roundtable 100</a>. Updated every Friday, it's a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest <a href="https://roundtable100.com/" rel="noopener noreferrer nofollow">RTB 100</a> rankings at <a rel="noopener noreferrer nofollow">roundtable100.com</a>.
<a href="https://www.thestreet.com/crypto/markets/binances-hack-has-me-fearing-phone-chargers" rel="noopener noreferrer nofollow">Related: Binance's hack has me fearing phone chargers</a>

Binance founder seeks another favor from Trump

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