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Blockchain Firms Link North Korea to $6.3 Billion Binance Hack
Chainalysis and TRM Labs have linked yesterday’s $6.3 billion Binance hack to North Korea’s TraderTraitor group. This post Blockchain Firms Link North Korea to $6.
Dextape brief
Blockchain analysts at Chainalysis and TRM Labs tie the roughly $6.3 billion Binance theft to TraderTraitor, a North Korea-associated unit, while Chainalysis estimates $6.4 billion overall. Outflows began around 4:20 p.m. Eastern on October 29. Binance attributes the breach to a compromised engineer's laptop and reports no sign of a leaked private key. The attacker exchanged $325 million of stablecoins for $285 million of ether within about 20 minutes. Tether and Circle have frozen over $1.567 billion of USDT and over $800 million of USDC, respectively, and Binance has reserved over $6.34 billion to cover the incident. Reuters reported that the exchange is cooperating with the FBI and Secret Service.
Why it matters: It shows how quickly stolen funds can move across several blockchains and into assets that issuers cannot freeze, a risk for exchange security across the industry.
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Binance hot wallet theft estimated at $6.3 billion, analysts link it to North Korea
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- Blockchain
- A shared, ordered record of transactions, grouped into blocks, that independent computers check against the same protocol rules.
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