Binance hack highlights risks of tokenized assets amid North Korean thefts

The largest known crypto theft shows how freezable tokens can help after a breach, and how limited that help can be Approximately $6.3 billion left Binance’s hot wallets on October 29, 2026. The draining took somewhere between 20 and 30 minutes. The breach hit the world’s largest crypto exchange across more than ten blockchains. TRM Labs, Chainalysis, and the FBI have attributed it to TraderTraitor, a North Korean hacking group. Binance halted all withdrawals after the breach. It then worked with stablecoin issuers, including Tether (USDT) and Circle ( USDC ), to freeze roughly $3 billion of the compromised funds.