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North Korean hacker implicated in $6.3 billion Binance crypto theft: FBI

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North Korean hackers are involved in the theft of $6.3 billion worth of digital currency from Binance, the world’s largest cryptocurrency exchange, in a matter of minutes, according to the US Federal Bureau of Investigation (FBI).

This is considered to be the largest theft in cryptocurrency history. In a statement on Saturday, the FBI said this week’s cyberattack was related to malicious cyber activity by a group called TraderTrate. The FBI claims that the same group was also involved in the theft of $1.5 billion from cryptocurrency exchange Bybit last year.

The bureau has asked cryptocurrency exchanges, blockchain analysis companies, and other related agencies to stop transactions at various digital addresses linked to the theft. The FBI has urged caution that there may be attempts to launder by transferring it through various means to hide the source of the stolen money.

According to the FBI, during the investigation, the trader was primarily converting the stolen digital assets into the Ethereum cryptocurrency. The bureau estimates that the group may now try to convert those assets through decentralized financial services (DeFi) and instant cryptocurrency exchange services.

Meanwhile, US President Donald Trump said he was not sure if North Korea was involved.TAG_OPEN_div_32

“I’m not worried,” he said in response to a question from reporters while attending a Halloween event at his Mar-a-Lago residence in Florida on Saturday night. “We’re getting information about it. We don’t know if it’s North Korea or not.” However, he ruled out the possibility of North Korean involvement being confirmed.TAG_OPEN_div_30

Cryptocurrency expert Ari Redboard said hackers could try to hide their identity by dividing the stolen money into smaller chunks and transferring it through smaller exchanges. He estimates that this process could go on for months.

Redboard, chief policy officer of blockchain intelligence company TRM Labs, described the incident as an internet speed bank robbery. However, he said that the transactions of the stolen money can be monitored and identified in real time.TAG_OPEN_div_26

“We can monitor and identify those transactions in real time to advance investigations, prevent such activities and confiscate money,” he said. According to him, it is like a game between cat and mouse going on continuously.

In the incident on Thursday, $6.3 billion was stolen from Binance, including bitcoin and other digital currencies. Many experts in the cryptocurrency sector have said there are indications that North Korean hackers are involved in the incident.

The company said in a statement released on Saturday that 90 percent of the digital assets lost due to theft are available. It has also promised to fully compensate customers for the damage caused.

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