Tom Westbrook / Reuters : TRM Labs attributes the Binance hack to North Korea-based TraderTraitor, which drained ~$6.36B from Binance wallets across 10 blockchains, mostly in ~20 minutes — North Korean hackers were behind a $6.3 billion raid on cryptocurrency exchange Binance, according to US blockchain analysis firm TRM Labs.
TRM Labs attributes the Binance hack to North Korea-based TraderTraitor, which drained ~$6.36B from Binance wallets across 10 blockchains, mostly in ~20 minutes (Tom Westbrook/Reuters)
In short
The attack targeted Binance wallets spanning 10 separate blockchain networks, culminating in the loss of approximately $6.36 billion. According to U.S. blockchain intelligence firm TRM Labs, the perpetrators executed the bulk of the fraudulent transactions within an intense 20-minute timeframe. TRM Labs formally identified the North Korea-based cyber syndicate TraderTraitor as the entity responsible for the operation.
Key points
- State-aligned North Korean threat actors continue to orchestrate massive exploits against…: State-aligned North Korean threat actors continue to orchestrate massive exploits against primary cryptocurrency exchanges.
- Attackers demonstrated extensive capabilities by executing synchronized asset drains acro…: Attackers demonstrated extensive capabilities by executing synchronized asset drains across 10 distinct blockchains simultaneously.
- Rapid withdrawal execution within 20 minutes highlights the intense speed exchanges must…: Rapid withdrawal execution within 20 minutes highlights the intense speed exchanges must combat during major security breaches.