Binance says 90% of losses from $6.3bn hack covered as FBI says North Korea behind attack

Cryptocurrency exchange says withdrawals expected to resume on Sunday as FBI blames North Korean state-sponsored group TraderTraitor

Binance says 90% of losses from $6.3bn hack covered as FBI says North Korea behind attack

TL;DR

  • Binance has recovered 90% of the $6.3 billion stolen in a major hack.
  • The FBI confirmed that a North Korea-affiliated group, TraderTraitor, backed by the state, was responsible for the theft.
  • Binance will cover the full financial impact of the stolen funds, with users bearing no loss.
  • User withdrawals, suspended after the hack, are expected to resume shortly.
  • TraderTraitor is believed to be part of the Lazarus Group, known for previous cyberattacks.
  • The FBI is urging private sector entities to block transactions associated with the hackers' addresses.
  • The hack's scale highlights North Korea's capability to generate revenue through illicit means.
  • The incident occurred amidst broader concerns about AI's potential impact on cybersecurity.

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