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

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1. 1h ago

   Binance Covers 90% of $6.3B Hack as FBI Blames North Korea

   Binance has covered 90% of the losses from a $6.3 billion cyber attack, allowing the cryptocurrency exchange to resume withdrawals in phases. The Federal Bureau of Investigation attributed the massive security breach to the North Korean state-sponsored group TraderTraitor. North Korea denied any involvement in the incident. The company described the complex cyber-attack as likely the largest ever of its kind, leading to temporary freezes on customer funds while the firm attempted to recover the stolen assets.

   Why it matters

   The breach at the world's largest crypto firm highlights ongoing vulnerabilities in digital asset security and the rising sophistication of state-sponsored cyber operations. North Korea has frequently been accused by Western intelligence agencies of utilizing cryptocurrency heists to fund its state operations and weapons programs. The rapid replenishment of funds by Binance prevented a total systemic collapse for the exchange, though the attribution to Pyongyang sets off a diplomatic and cyber-security standoff.

   What is confirmed

   • Binance stated that 90% of the losses from the $6.3bn hack have been covered.
   • The FBI stated that North Korea was responsible for the $6.3bn hack.
   • The FBI blamed the North Korean state-sponsored group TraderTraitor for the attack.
   • Binance stopped customers from withdrawing funds following the cyber-attack.

   Still unconfirmed

   • Kim Yo Jong denied any North Korean role in the Binance hack and criticized FBI branding.

   What to watch next

   • Full resumption of customer withdrawals across all phases on Binance.
   • Further technical disclosures or indictments from the FBI regarding TraderTraitor.
   • Response from international regulators regarding exchange security standards.
   Sources used for this update (12)

   1. WSJ — Behind the Scenes of Crypto’s Biggest Nightmare: a Record-Breaking Cyber Heist
   2. The New York Times — How Binance’s $6.3 Billion Hack Went Down
   3. www.bbc.com — Crypto giant Binance attempting to recover $6.3bn stolen in ...
   4. Reuters — Binance says 90% of stolen assets replenished
   5. The Guardian — Binance says 90% of losses from $6.3bn hack covered as FBI says North Korea behind attack
   6. The Times of Israel — FBI blames North Korea for stealing billions from world’s largest crypto firm
   7. Reuters — Binance to resume withdrawals after recovering bulk of $6 billion in stolen funds
   8. CNN — Notorious hacker says stolen crypto is like ‘holding a hot potato’
   9. www.theguardian.com — Binance says 90% of losses from $6.3bn hack covered as FBI ...
   10. www.bbc.com — Crypto firm Binance covers 90% of losses after $6.3bn hack - BBC
   11. newscord.org — Kim Yo Jong Denies DPRK Role in Binance Hack, Criticizes FBI Branding
   12. www.the-independent.com — Binance says it covered 95% of losses from $6.3bn hack so far
   confidence 90%