FBI blames North Korea for $6.3 billion Binance theft
publishers 53articles 63first reported 29 Oct, 21:38 UTCdeveloping since 30 Oct · 3 editionstop 25 #11
The FBI said North Korea was responsible for the theft of more than $6 billion in cryptocurrency from Binance, identifying the operation as TraderTraitor, a group previously linked to crypto attacks. Blockchain intelligence firms TRM Labs and Chainalysis had also attributed the estimated $6.3 billion theft to the North Korean state-backed group.
Hackers moved assets from Binance-controlled internet-connected “hot” wallets after compromising transaction approval systems, according to the exchange. Binance said the attack involved a compromised laptop and malicious software designed to erase evidence. The company suspended deposits and withdrawals while investigating and tracing the assets with law enforcement, token issuers and blockchain analytics firms.
About $3 billion in affected assets have been frozen, Binance said. Stablecoin issuers including Circle and Tether were among the firms that blocked stolen tokens, although bitcoin and ether cannot be frozen by issuers. The FBI said it had observed the hackers converting stolen assets primarily into ether and warned that they were expected to use decentralized-finance platforms and instant-swap services for further laundering.
Binance said Saturday that it had replenished about 90% of the stolen assets using its Secure Asset Fund for Users, its Futures insurance fund and corporate treasury. It said the company, rather than users, would absorb the financial impact, and that the less-liquid tokens comprising the remaining 10% could take longer to source. The exchange planned to resume withdrawals on November 1.
HOW THIS STORY WAS MADE
Written from 8 articles, 8 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 54 h after the record first saw the story; the editor revised it.
- Publishers
- 53
- Source articles
- 63
- Given to the writer
- 8, 8 with the article's own text
- Independent newsrooms
- 8
- This version written
- 54 h after the record first saw the story
- Second model (editor)
- revised
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and changed it before publication. Struck words were in the draft; underlined words are its corrections.
WHAT IT FLAGGED editor revise: Correct who will bear the loss: Binance, not its customers or users. - "It said customers, rather than users, would absorb the financial impact": This reverses the source, which says Binance/the company—not customers or users—will absorb the financial impact.
THE DRAFT AND THE CHANGES
FBI blames North Korea for $6.3 billion Binance theft
The FBI said North Korea was responsible for the theft of more than $6 billion in cryptocurrency from Binance, identifying the operation as TraderTraitor, a group previously linked to crypto attacks. Blockchain intelligence firms TRM Labs and Chainalysis had also attributed the estimated $6.3 billion theft to the North Korean state-backed group.
Hackers moved assets from Binance-controlled internet-connected “hot” wallets after compromising transaction approval systems, according to the exchange. Binance said the attack involved a compromised laptop and malicious software designed to erase evidence. The company suspended deposits and withdrawals while investigating and tracing the assets with law enforcement, token issuers and blockchain analytics firms.
About $3 billion in affected assets have been frozen, Binance said. Stablecoin issuers including Circle and Tether were among the firms that blocked stolen tokens, although bitcoin and ether cannot be frozen by issuers. The FBI said it had observed the hackers converting stolen assets primarily into ether and warned that they were expected to use decentralized-finance platforms and instant-swap services for further laundering.
Binance said Saturday that it had replenished about 90% of the stolen assets using its Secure Asset Fund for Users, its Futures insurance fund and corporate treasury. It said customers,the company, rather than users, would absorb the financial impact, and that the less-liquid tokens comprising the remaining 10% could take longer to source. The exchange planned to resume withdrawals on November 1.
Written by a language model from the sources above, then checked by a second model that may only cut, attribute or correct. How it works →