The largest cryptocurrency-related hack in history by dollar volume has hit Binance, with more than $6.3 billion in affected assets moving on-chain. Roughly $3 billion of that total has been frozen through stablecoin operators, while $3.3 billion has not been recovered. Such freezes are possible because major stablecoins include issuer-controlled blacklist functions that can block transfers involving listed addresses at the token-contract level.

Bitcoin Magazine TV breaks down what happened, what Binance has said, and why, in the program's framing, "every day now feels like zero day for crypto security." (In security parlance, a "zero day" is a vulnerability that is exploited before a fix exists.)

Key points covered in the report:

• A separate Polymarket hack drained $2.7 million from user wallets.
• Blockchain analytics firm TRM Labs tied the attack to TraderTraitor, a hacking group linked to North Korea.
• The funds flowed through stablecoins and Aave, a decentralized finance lending protocol.
• The report examines what the multi-chain nature of the attack reveals about Binance's custody arrangements.
• It also raises solvency questions about whether Binance can cover the losses.
• It argues that stablecoin freezes "aren't freedom technology."
• It closes by noting bitcoin's resilience through hacks and bear markets.

With $3.3 billion still unrecovered, what to watch next is whether additional funds are frozen or traced on-chain, and what further detail emerges about the custody arrangements and solvency concerns the report raises.

The full video is available on YouTube.

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This article, "What to Know About the $6.3 Billion Binance Hack," written by Patrick Green, first appeared on Bitcoin Magazine.