Binance's $6.3 billion hack: What we know and what comes next

The Binance logo is displayed on a screen in San Anselmo, California, June 6, 2023.Justin Sullivan | Getty ImagesBinance was hacked with an estimated impact of $6.3 billion, raising questions about the recovery of stolen funds and the broader fallout for crypto markets. Around $3 billion in cryptocurrency assets have been frozen so far.The exchange pledged to cover all losses, while blockchain investigators linked the attack to North Korea and analysts assessed the potential financial risks.Can frozen funds be recovered?Freezing cryptocurrency prevents it from being transferred, but recovering the funds requires a separate legal process, according to Ari Redbord, global head of policy at blockchain intelligence firm TRM Labs and a former U.S. federal prosecutor and Treasury official. "A freeze stops the money from moving, and recovery follows through legal process," Redbord told CNBC.Redbord said law enforcement typically obtains a court order or seizure warrant before working with stablecoin issuers to release or reissue assets and return them to their rightful owners."Stablecoins are the most recoverable asset class in crypto because the issuer controls the token contract," he sa...