North Korea denies links to Binance hack as researchers trace stolen billions
North Korea rejected allegations linking it to the Binance hack as blockchain researchers traced billions in stolen cryptocurrency across networks.
TL;DR
- North Korea rejects allegations linking it to the $6.3 billion Binance hack, calling it a political provocation.
- Kim Yo Jong denounced the FBI's attribution of the attack to a North Korea-linked hacking group.
- Blockchain analytics firms like Elliptic and Chainalysis have linked the attack and fund movement to North Korea-linked actors.
- Hackers used thousands of wallets across 11 blockchains and tens of thousands of transactions to obscure fund movements.
- Initial laundering occurred on the Tron blockchain before funds were moved to Ethereum via cross-chain bridges.
- Decentralized exchanges were used to swap stablecoins into cryptocurrencies like ether.
- The laundering operation expanded to other blockchains including Solana, with over $500 million moved through intermediary wallets on Tron.
- Bitcoin mixing, a technique to make transactions harder to trace, has been identified.
- About 44% of the stolen funds, approximately $2.85 billion, has been frozen or seized.
- Roughly $3.24 billion remains in addresses linked to the theft, mostly in bitcoin and ether.
- The laundering has proceeded slower than after the Bybit hack, with funds expected to be gradually converted and cashed out over months.
- Binance has covered about 95% of the affected amount and is working to acquire the remaining assets.