FBI blames North Korea for record $6.3 billion Binance hack; exchange replaces 90% of stolen funds
The FBI blamed North Korea for the $6.3 billion Binance hack as the exchange replaced 90% of stolen funds.
The FBI has identified North Korea as the culprit behind the massive $6.3 billion cryptocurrency heist on Binance, a record-breaking theft. The attack, orchestrated by a state-backed hacking group called TraderTraitor, unfolded on Thursday and impacted the world's largest cryptocurrency exchange. Binance reported that they have recovered 90% of the stolen assets using their own funds, and they will bear the responsibility for the remaining 10%.
Co-CEO Richard Teng assured customers that their financial well-being would not be affected by the breach. The FBI traced the hackers' actions to converting the stolen funds primarily into Ethereum, another major cryptocurrency. They also warned that the group could utilize decentralized finance (DeFi) platforms and instant swap services to further obscure the assets' traceability.
The FBI urged cryptocurrency exchanges, blockchain tracking firms, and other organizations to block transactions related to the identified wallet addresses to prevent the stolen funds from being laundered.
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