FBI Attributes Record $6.3 Billion Binance Hack to North Korea
The FBI attributed a record-breaking $6.3 billion cryptocurrency theft from Binance to a North Korean hacking group known as TraderTraitor.
The Federal Bureau of Investigation has attributed a record-breaking $6.3 billion cryptocurrency theft from Binance to TraderTraitor, an elite North Korean hacking group linked to the Lazarus Group. The breach, described as the largest hack in history, occurred on Thursday through a complex operation involving malicious software and a compromised laptop.
Binance has already replaced 90% of the stolen assets using its corporate treasury, Futures Insurance Fund, and its $1 billion Secure Asset Fund for Users. Co-CEO Richard Teng pledged that the exchange would cover all remaining losses and announced that customer withdrawals would resume on Sunday.
While the FBI, U.S. Secret Service, and IRS Criminal Investigation led the probe, President Donald Trump expressed doubt regarding the attribution to North Korea, stating his administration was still learning about the event. The FBI warned that the hackers are currently attempting to move the stolen funds into Ethereum via decentralized finance platforms.
