Binance Hit By Record $6.3bn North Korean Crypto Theft - Silicon UK
Binance has experienced net outflows of $3.6 billion after restoring services following the largest cryptocurrency theft in history, which authorities have linked to North Korea.
The cryptocurrency exchange reported $4.65 billion in withdrawals and $1.01 billion in deposits since the incident, representing 2.1 percent of its $171 billion total assets under management. The attack occurred on October 29 and affected approximately $6.3 billion in funds, with roughly half now frozen.
Recovery efforts
Binance has covered about 95 percent of the stolen funds, with the remaining 5 percent consisting of smaller, less liquid tokens outside the top 10 cryptocurrencies. The company continues working with industry partners to complete the remaining acquisitions.
We continue working with industry partners to complete the remaining acquisitions.
North Korean connection
An initial investigation found hackers used a compromised engineer's laptop as an entry point, though Binance has since discovered additional points of breach. The FBI attributed the attack to North Korea, with cybersecurity companies identifying the group behind it as TraderTraitor, also known as Lazarus Group.
The same group is believed to have stolen $1.5 billion from ByBit last year, part of North Korea's ongoing campaign of crypto-thefts that funds missile programs and other government initiatives.
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