FBI confirms it thinks North Korean hackers hit Binance in record cryptocurrency heist
TraderTraitor is now officially accused of the attack that cost Binance north of $6 billion.
The FBI has formally attributed a massive $6.7 billion cryptocurrency heist on Binance to North Korea's TraderTraitor group. The attack involved the theft of various cryptocurrencies from the exchange, which prompted the platform to freeze deposits and withdrawals. Analysts quickly identified the group responsible as TraderTraitor, a part of the Lazarus Group, a North Korean state-sponsored cybercriminal organization.
The FBI and partners have observed the attackers converting stolen assets primarily into Ethereum, expecting them to be further laundered through DeFi and instant swap services. Binance's DevOps engineer's laptop was compromised, providing attackers access to a service container where they submitted unauthorized withdrawal transactions.
Despite the losses, Binance resumed operations and covered most of its losses. The attack primarily targeted the exchange's funds, with the attacker setting up a smart contract on Ethereum that automatically withdrew new money. North Korea, under heavy sanctions, does not allow its companies to hire or do business with individuals or organizations in North Korea.
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