Hack

A second withdrawal phase across nine networks, 95% of assets reimbursed and Kim Yo-jong accusing the FBI: the tail of the largest crypto theft.

Binance sets aside $6.34 billion of its own money to cover the theft. A hole estimated at $2.1 billion remains, and nobody can verify it yet.

The $6.3 billion theft did not break the cryptography: it convinced the system that signs transactions to sign them.

A hot wallet emptied in one transaction, for 93 cents in fees. The billions are the headline; the real question is who signed.