Crypto Exchange Binance Covers Most of Record $6.3 Billion Theft

Binance has paid back 90% of the $6.3 billion in digital assets stolen during a major cyber attack on Thursday. The cryptocurrency platform stated that the remaining 10% will take more time to gather in the correct amounts.

Investigation and Suspects

The Federal Bureau of Investigation announced that North Korea carried out the attack. Two analytics firms earlier shared intelligence pointing to the North Korean state-backed hacking unit known as the Lazarus Group or TraderTraitor. Binance co-chief executive officer Richard Teng noted that multiple people executed the hack using advanced tactics like a self-destruct mechanism. Investigators found that an engineer's laptop was initially compromised before hackers accessed additional breach points. North Korea has consistently denied any involvement in these attacks.

Recovery and Reopening

Binance used its corporate treasury and various funds to refill the stolen user assets. Bitcoin, ethereum, Tether, and seven other popular digital currencies are fully covered by these funds. The company froze about $3 billion of the stolen funds with help from law enforcement and intelligence partners, while the US Secret Service stated it is working continuously to track and recover the rest. Binance aims to restart user withdrawals on Sunday, 1 November.

Context

Cryptocurrency exchanges function as digital marketplaces where users trade virtual assets that exist only online. Major hacks on these platforms often prompt law enforcement agencies worldwide to trace hidden digital trails across international borders.