Why North Korea's 'elite' hackers are the prime suspect in major Binance hack
If the accusations are true, the record-making heist shows how powerful suspected North Korean hackers have become.
Two major blockchain analysis firms, TRM Labs and Chainalysis, have identified a North Korean state-backed group, the Lazarus Group, as the likely perpetrators behind the massive $6.3bn hack of cryptocurrency exchange Binance. This marks the latest incident of North Korean involvement in cybercrime, a nation known for its strict internet restrictions.
Experts believe the North Korean government is financing itself through cybercrime, a claim Pyongyang denies. The Lazarus Group, also known as TraderTraitor, has a history of engaging in illicit cybercrime and virtual asset theft activities. The FBI has previously accused the group of being responsible for the theft of $1.5bn from the Bybit exchange.
North Korean hackers are suspected in several high-profile hacks, including the 2014 Sony Pictures hack, which exposed thousands of emails. In the recent Binance hack, the Lazarus Group allegedly used a special authorization to convert Binance's hot wallet, connected to the internet, into one that could automatically transfer funds to the attackers.
Of the stolen assets, 80% have been recovered, but the remaining funds remain unaccounted for. If the accusations are true, this hack demonstrates the growing power of North Korean hackers and the increasing sophistication of cybercrime tools.
Written by urgent.news from BBC World's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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