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Stolen crypto was converted to evade freezes, expert tells CNN

Jonathan Levin explains the movement of Binance's stolen assets, while finance professor Carol Alexander questions whether one compromised laptop explains the breach.

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CNN Story of November 1, 2026Trari Newsroom

Why this story? One of CNN's most watched videos since yesterday, with 615,576 views.

$6.3B crypto heist: Experts react to the biggest theft in history

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0:00CNN reports a $6.3 billion Binance theft, with approximately half the stolen funds already frozen.
1:30Duffy reports that Binance says its emergency reserves can cover customer losses despite temporary transaction pauses.
4:08Alexander examines security vulnerabilities and discusses whether AI could have played a role.
8:23Levin explains how blockchain analysis helps investigators trace stolen cryptocurrency.
10:03Levin describes stolen stablecoins being converted into Bitcoin and Ethereum to prevent further asset freezes.

Freezing stolen cryptocurrency can stop it moving, but only while the assets remain within reach. In CNN's report on the Binance hack, Chainalysis co-founder and CEO Jonathan Levin describes hackers rapidly converting stolen stablecoins into Bitcoin and Ethereum to prevent further freezes.

CNN reports that approximately half of the $6.3 billion stolen had already been frozen. Levin explains how blockchain analysis can follow the money, including by spotting wallet infrastructure reused during laundering. His interview gives the report a practical focus beyond the size of the theft: how investigators pursue assets that can move between wallets and currencies.

Clare Duffy reports that Binance's initial account points to a compromised engineer's laptop, which the company said allowed unauthorized withdrawals. Carol Alexander, a professor of finance at the University of Sussex, questions whether that explanation is sufficient.

"So just one laptop being compromised wouldn't hack it. It must be more than that," Alexander says. She also discusses the possible role of AI in cyberattacks, without establishing that it was involved in this breach.

For customers, the immediate issue is access to their money. Duffy reports that Binance temporarily paused deposits and withdrawals and said it had emergency reserves to cover customer losses. That is the company's assurance, separate from whether investigators can recover the stolen assets.

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