Analysts suspect North Korea unit behind largest Binance crypto heist
Analysts point to a North Korean cyber unit as the likely culprit in the massive hack of cryptocurrency exchange Binance.
Suspected attackers identified by firms
Blockchain analysis firm TRM Labs stated with high confidence that the attack came from TraderTraitor, an elite hacking group in North Korea. Chainalysis also agreed with this assessment regarding the origin of the breach. The firm noted the attack mirrored a previous incident at Bybit that US investigators linked to the same country.
Method of the theft
Hackers manipulated virtual wallets on the exchange to move funds into accounts they controlled. Records indicate the bulk of the heist happened in roughly twenty minutes. An initial investigation suggested a compromised laptop belonging to an engineer may have started the breach.
Scope of the damage
The incident affected thirty or forty different tokens including Bitcoin and Ethereum. Approximately nine billion dollars in cryptocurrency was stolen from the platform. This event marks the largest cyber attack in the history of the cryptocurrency sector.
Reported by one outlet
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