theft of a record $6.3bn<\/a> in virtual assets from cryptocurrency exchange Binance.<\/p>\nMalicious actors from North Korea were observed laundering the \u2060stolen assets \u2060by converting them primarily into the cryptocurrency Ethereum, \u2060the FBI said in a statement on Saturday.<\/p>\n
Recommended Stories list of 3 itemsend of list<\/p>\n
The US agency blamed the operation specifically on a group called TraderTraitor, the same group blamed for a $1.5bn theft from the Bybit platform in February last year.<\/p>\n
According to the statement, the assets are expected to be \u201cfurther laundered\u201d in stages.<\/p>\n
The FBI called on virtual asset service providers to block transactions being used in the latest laundering operation, providing the suspected digital addresses to watch for.<\/p>\n
In a separate statement on Saturday, Binance said it has replaced 90 percent of the amount stolen by using company money to buy new tokens.<\/p>\n
The remaining 10 percent consists of less liquid tokens, meaning they \u2060may take longer to buy, it added.<\/p>\n
\u201cWe will continue to buy the remaining relevant token assets\u2026 until the covered amount reaches 100 [percent] for all tokens. Binance will absorb the financial impact of these stolen funds, not our users,\u201d the company said on X.<\/p>\n
The money spent re-buying tokens came from a $1bn Secure Asset Fund for Users (SAFU), a Bitcoin reserve fund Binance \u2060holds to protect customers in the event of security \u2060breaches, as well as some of its Futures Insurance Fund and the company\u2019s corporate treasury.<\/p>\n
Crypto prices fell on Friday, as Binance, which runs the world\u2019s largest crypto exchange, sought to reassure customers their funds were safe.<\/p>\n
Binance co-CEO Richard Teng said on Friday that the breach was a \u201ccomplex attack\u201d involving a compromised laptop and malicious software designed to \u2060delete evidence of its activity, making it hard to trace and investigate.<\/p>\n
After \u2060the hack, the exchange stopped allowing customers to withdraw their funds.<\/p>\n
Binance said later on Saturday that it was on track to reopen withdrawals on Sunday.<\/p>\n
Binance also announced the publication of a new proof-of-reserves snapshot, allowing users to independently verify that their assets were backed at a minimum 1:1 ratio.<\/p>\n","protected":false},"excerpt":{"rendered":"Crypto firm Binance says it has covered 90 percent of losses from the multibillion-dollar hack. Published On 1…\n","protected":false},"author":2,"featured_media":901938,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,13408,4001,7257,93575,3,6505,21],"class_list":["post-901937","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-crypto","tag-cybercrime","tag-cybersecurity","tag-money-laundering","tag-news","tag-north-korea","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/901937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=901937"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/901937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/901938"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=901937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=901937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=901937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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