North Korean Hackers Stole $6.3 Billion, Transfering Funds 3,000 Times for ‘Money Laundering’
It has been revealed that North Korean hackers are moving funds thousands of times to launder about $6.3 billion won worth of virtual assets stolen from Binance, the world’s largest cryptocurrency exchange.According to blockchain analysis firms Chainalysis and Lookonchain on Oct. 2 (local time), the
North Korean hackers allegedly stole about $6.3 billion worth of virtual assets from Binance, the world's largest cryptocurrency exchange, according to blockchain analysis firms Chainalysis and Lookonchain. The hackers transferred the stolen funds 3,000 times, moving them to various networks like Solana (SOL) and conducting over 1,000 transactions through multiple wallets.
This complex process, known as "second-stage laundering," aims to make tracing the funds difficult and to convert them into Bitcoin, which has high liquidity and is less prone to asset freezing. The hackers also detected circular transactions, where funds return to previously used wallets. So far, over $1 billion in stolen Ethereum and $1.42 billion in Bitcoin remain in a limited state, with the hackers reportedly planning a third stage of dividing the funds into smaller amounts and converting them to cash.
The FBI has identified a hacking organization called 'TraderTraitor,' under North Korea's Reconnaissance General Bureau, as the mastermind behind the $6.3 billion theft.
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