North Korean Hackers Face Months-Long Effort to Launder Stolen Binance Billions

North Korean hackers are expected to take months to launder the billions of dollars in cryptocurrency stolen from Binance, as the tokens remain visible on public blockchains and have been split into smaller packages in an attempt to evade detection. This comes as North Korea has denied involvement in the record-breaking $6.3 billion heist.

Binance has resumed normal transactions and customer withdrawals following the massive cyberattack, which saw an estimated $3.6 billion withdrawn by users in the immediate aftermath. The exchange has stated it has recovered 95% of the stolen funds and pledged to fully reimburse affected users. The FBI has linked the attack to a North Korean state-backed hacking group known as "TraderTraitor," noting that the hackers were observed converting stolen tokens to Ethereum and preparing for further laundering.

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Sources

  1. North Korean hackers expected to take months to launder stolen Binance billions — Financial Times - Technology,
  2. North Korea denies being behind record $6.3bn Binance hack — BBC World,
  3. Binance users withdraw $3.6bn after record crypto hack — BBC Business,
  4. Binance Reports $3.64 Billion in Outflows as It Resumes Normal Transactions — New York Times Business,
  5. Binance resumes withdrawals following $6.3 billion breach — TechCrunch,
  6. North Korea linked to massive Binance crypto heist — The Verge,
  7. Binance restarts customer withdrawals after $6.3bn heist — Financial Times - Technology,
  8. Binance says 90% of losses from $6.3bn hack covered as FBI says North Korea behind attack — The Guardian World,
  9. Binance says 90% of $6.3 billion hack losses are now covered, plans to resume withdrawals Sunday — Reddit - Technology,
#binance #north-korea #cyberattack

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