- Record $6.3 billion hack of Binance occurs, described as the largest in history.
- North Korea denies being behind the hack, calling allegations 'absurd rhetoric'.
- Fast-moving traders exploit hackers' rushed conversion for profit.
- As apparent hackers rushed to convert funds stolen from the world’s biggest crypto exchange, they accepted punishing prices, handing well-prepared traders a fleeting but lucrative opportunity.
- The FBI has called on industry partners to help block transactions involving cryptocurrency accounts linked to the group.
- Kim Yo-jong, a top Democratic People's Republic of Korea (DPRK) official, stated that the accusations are a 'grave political provocation' by the US.
- According to Bitquery, a blockchain data firm, the attackers lost about $119 million through poor execution in their haste.
North Korea has dismissed allegations of its involvement in the record $6.3 billion Binance hack, labeling them as "absurd rhetoric."
Kim Yo-jong, a senior official, stated that the accusations are a "sinister attempt" by the U.S. to tarnish the country's image.6
The FBI and Secret Service have attributed the breach to the state-backed hacking group TraderTraitor, also known as the Lazarus Group, which has a history of cybercrime.
The FBI has urged industry partners to block transactions linked to the group, emphasizing the severity of the situation.
Kim Yo-jong condemned the U.S. for misleading public opinion, asserting that the DPRK government opposes all forms of cyber malfeasance.
Following the hack, Binance resumed trading after freezing affected assets, with the company covering approximately 95% of the stolen funds.
For many investors, the incident highlighted the risks of digital assets, while a select group of traders seized the opportunity to profit from the hackers' hasty asset conversions, reportedly losing $119 million due to poor execution.7
The incident serves as a stark reminder of the vulnerabilities in the cryptocurrency landscape and the ongoing threat posed by state-sponsored cybercriminals.
“The FBI and cyber analysts attribute the attack to state-backed hacking group TraderTraitor, also known as Lazarus Group, which was blamed for a crypto heist in 2025. Bitquery estimates the attackers lost about $119 million through poor execution in their haste.”
BBC
