BLOOMBERG · 2026-11-02 12:19 UTC

Frantic Binance Hackers Created Windfall for Fast Crypto Traders

North Korean hackers stole $6.3 billion from Binance on Oct. 29, losing approximately $119 million through poor execution as they rushed to convert stolen funds. Fast-moving traders exploited price dislocations created by the hackers' aggressive, one-way selling across exchanges, with some making 25% profits within minutes by arbitraging price gaps. Binance's withdrawal suspension and stablecoin freezes by Tether and Circle prevented normal market flows, allowing unusual price gaps to persist longer than typical.

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