Researchers trace billions stolen in Binance hack as North Korea denies links to attack

North Korea rejects allegations

Kim Yo-jong, director of North Korea’s General Affairs Department, said the US was again linking the country to the incident. She called the allegation a “trite provocation.” The country has denied responsibility for other major cyber attacks in recent years. Kim said the government opposed malicious acts in cyberspace.

Investigators point to TraderTraitor

The FBI, the Secret Service and cyber analysts have blamed North Korea for the Binance attack, which they described as the largest in history. Blockchain analysts and the FBI said it was led by TraderTraitor, a state-backed hacking group. Research groups, including the S Rajaratnam School of International Studies, have said North Korea developed its cyber operations by recruiting promising university students and assigning them to units overseen by its intelligence agency.

Binance reports withdrawals

Binance did not answer the BBC’s questions about North Korea’s alleged involvement. A company spokesperson said net withdrawals reached $4.72bn after transactions resumed on Sunday. Binance said that total reflects the hack, later withdrawals and changing market prices. The company said initial checks suggested an engineer’s laptop had been compromised, allowing unauthorised withdrawals.

The company has repeatedly pledged to cover losses linked to the breach. It said it has so far covered around 95% of the stolen assets.