Binance has been hit by the largest crypto-related hack on record by dollar volume, with more than $6.3 billion in affected assets moving on-chain, according to Bitcoin Magazine TV. About $3 billion of the total was frozen through stablecoin operators, leaving roughly $3.3 billion unrecovered.
The incident has renewed scrutiny of exchange custody arrangements, stablecoin issuer intervention powers and the solvency questions that follow large losses at a major trading venue.
What is known about the losses
Bitcoin Magazine TV reported that the affected assets totaled more than $6.3 billion, and that the movement occurred on-chain. Roughly $3 billion was frozen with the help of stablecoin operators. The remaining $3.3 billion has not been recovered.
The episode has been characterized as a multi-chain event, which the broadcast said raises questions about how Binance holds customer assets across networks.
Attribution to TraderTraitor
Blockchain analytics firm TRM Labs tied the attack to North Korea's TraderTraitor, according to the report. The broadcast also traced how funds moved through stablecoins and through the lending protocol Aave.
Solvency and recovery questions
The report raises the question of whether Binance can cover the losses, framing it as a solvency issue for the exchange. It also examines why freezes carried out by stablecoin issuers are not always described as a feature of "freedom technology," given that the same mechanism can be used to immobilize funds.
A wider security backdrop
The Binance event was not the only incident covered. The broadcast noted a separate Polymarket hack that drained $2.7 million from user wallets, and argued that the frequency of such breaches makes every day feel like "zero day" for crypto security — a reference to the constant emergence of previously unknown vulnerabilities.
Amid the attacks, the report also highlighted that Bitcoin has remained resilient through hacks and bear markets.
