Korean crypto exchanges on alert after $6.3 billion Binance hack
Korea’s cryptocurrency industry is on alert following a $6.3 billion hack at Binance, the world’s largest cryptocurrency exchange. As signs emerge that the stolen assets are being laundered, domestic exchanges are seeking regulatory changes that would allow them to promptly halt withdrawals following hacks at other platforms, financial authorities and industry officials said Tuesday. The U.S.…
Korea's cryptocurrency sector is bracing for potential repercussions after a $6.3 billion hack at global leader Binance. Analysts believe illicit funds are beginning to be laundered, prompting domestic exchanges to push for regulatory changes that would enable them to halt withdrawals swiftly following security breaches at other platforms.
The FBI has linked the attack to North Korea, who reportedly stole approximately $6.3 billion worth of cryptocurrency from Binance on Thursday. Chainalysis, a blockchain analytics firm, suggests the North Korean hackers have progressed to a second stage of the fraudulent scheme, moving funds out of temporary holding wallets and transferring them to alternative blockchain networks like Solana.
Furthermore, the firm has identified efforts to convert 970,522 Solana tokens, valued at roughly 129 billion won ($96.3 million), into bitcoin. These transfers across various networks and subsequent conversion into bitcoin are believed to be undertaken to further obscure the illicit funds' origins.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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