Binance hack: Investigators in a 'cat and mouse game' to recover $6.3 billion in stolen funds

A U.S. blockchain intelligence firm has identified North Korean hackers, known as TraderTraitor, as the perpetrators of a staggering $6.36 billion cryptocurrency heist from Binance, the world's largest crypto exchange. The attack, which occurred on Thursday, saw the hackers move digital assets across 10 blockchain networks, with most funds stolen within a mere 20 minutes.

TRM Labs, the firm responsible for the analysis, expressed high confidence in their attribution to North Korean hackers, pointing to similarities with previous operations. The group reportedly began preparations for the attack at least 36 hours prior, gaining access to systems used to authorize cryptocurrency transfers. As a result, Binance is left with roughly $2.4 billion worth of Bitcoin and Ethereum still under hacker control.

The U.S. government has previously linked North Korea to illicit activities involving cryptocurrency networks in countries like China, Russia, Cambodia, and Vietnam. Binance CEO Richard Teng assured that the company is actively working to resolve the situation and is fully committed to covering all losses through their reserves. President Donald Trump acknowledged that the FBI and law enforcement authorities are investigating the incident, but the origins of the stolen funds remain uncertain.