TBPN hosts discuss $6.3 billion theft from Binance wallets and a shortfall in the reserve fund

According to the TBPN hosts’ account, hackers stole $6.3 billion from Binance digital wallets, including by accessing a Binance engineer’s laptop. They said the Secure Asset Fund for Users (SAFU), established to cover incidents of this kind, held roughly $1 billion—far less than the loss. The hosts gave differing estimates of how much the theft exceeded the amount anticipated: three or six times.

The hosts said Tether, Circle and other crypto firms froze about $3 billion, leaving roughly $3.3 billion under the attackers’ control. They reported that cybersecurity researchers attributed the attack to North Korea’s Trader group. The hosts also said the hackers may have borrowed against the stolen assets before they were frozen; they presented this as a possibility, not an established fact.

The hosts questioned how access by a single engineer could enable a transfer of this scale, suggesting that the system may have had a dangerous single point of failure. They also said falling crypto prices may have reduced the value of the reserve by about $100 million. One host noted that Bitcoin was down roughly 4% over five days and compared that with a decline of about 25–27% in the two weeks after the 2014 Mt. Gox hack. The comparison and comments about holders’ reaction were the hosts’ assessments.