A U.S.-based blockchain intelligence firm says a
unit was likely behind the hack that impacted more than $6 billion on Binance, the world's biggest cryptocurrency exchange.
asserted
that → say → Binance
Binance said it worked with blockchain partners to freeze roughly $3 billion in affected assets.
asserted
it → say → assets
The cryptocurrency exchange said Friday that deposits were unaffected, while withdrawals were suspended and are expected to resume in the next day or two.
asserted
withdrawals → say → day
It said it will cover all losses.
asserted
it → say → losses
The company said on social media Friday that an initial investigation suggested the incident may have involved a compromised laptop, but that a subsequent investigation uncovered additional "points of breach."
uncertain
investigation → say → breach
TRM, in a post on its website Thursday, attributed the attack to TraderTraitor, which it described as North Korea's elite hacking unit.
asserted
it → attribute → unit
"We make this judgment with high confidence," the firm said.
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firm → make → confidence
"An attacker moved approximately USD 6.36 billion out of Binance wallets on ten blockchains, most of it in about 20 minutes," TRM said.
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TRM → move → minutes
That would make the hack the largest cryptocurrency theft on record, it said.
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it → make → record
In February last year, another cryptocurrency exchange, Bybit, suffered a $1.5 billion hit when it was hacked.
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it → suffer → hit
The FBI said North Korea and TraderTraitor were responsible for the hack.
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Korea → say → hack
"Several features of this attack match earlier North Korea-linked heists, including the Bybit hack," TRM said.
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TRM → match → hack
Blockchain analysis company Chainalysis also believed the Binance hack was "likely done by DPRK group TraderTraitor," its co-founder and CEO Jonathan Levin wrote on social media.
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Levin → believe → media
DPRK stands for the Democratic People's Republic of Korea, North Korea's official name.
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DPRK → stand → Korea
Binance said on social media that its "teams are working around the clock to resolve this issue safely and thoroughly.
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teams → say → issue
We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice."
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We → work → justice
Experts say North Korea has turned to crypto hacking and other illicit cyber activities as a source of badly needed foreign currency to support its troubled economy and fund its nuclear program in the wake of tough U.N. sanctions and other difficulties.
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Korea → say → sanctions
In December 2022, South Korea's spy agency said North Korean hackers had stolen an estimated 1.5 trillion won ($1.1 billion) in cryptocurrency and other virtual assets in the past five years, more than half of it in 2022 alone.
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hackers → say → 2022
It said North Korea's capacity to steal digital assets was considered among the best in the world.
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capacity → say → world
Changpeng Zhao, also known as CZ, founded Binance in 2017.
asserted
Zhao → know → 2017
In 2023, he pleaded guilty to a felony linked to failing to prevent money laundering on the platform, and stepped down as the company's CEO.
asserted
he → plead → CEO
President Trump
.Zhao posted Thursday on social media that "User funds are safe!" but added that the theft "does look like a hack on Binance."
asserted
theft → post → Binance
He added that while he doesn't manage Binance anymore, "As a shareholder, I expect all user funds will be fully covered.
asserted
funds → add → shareholder
"
The event, meanwhile, also raises questions about why stronger approval controls were not in place, said Kok Tin Gan, cofounder and CEO of cybersecurity firm NyxLab.
asserted
Gan → raise → NyxLab
"This looks like one signature that gave the attacker a never-expiring, full-access token to a Binance hot wallet," he said, referring to cryptocurrency wallets that hold users' "private keys," or unique authorizations, digitally and which are connected to the internet.
asserted
which → look → internet
Binance said on social media it had "found no evidence of any wallet private key leak" and that the company would release more technical details when its probe is complete.
asserted
probe → say → details
The Aporia
