Why North Korea’s ‘elite’ hackers are the prime suspect in major Binance hack
Two blockchain analytics firms say North Korea’s Lazarus Group is the likely culprit behind a $6.3bn hack of Binance, the world’s largest cryptocurrency exchange. If confirmed, the theft would underline the growing capability of suspected state-backed hackers and the role cybercrime may play in financing North Korea.
The attackers are accused of exploiting an authorisation process to redirect funds from an internet-connected wallet, possibly after accessing Binance’s wallet-signing system. Binance says it has secured about 80% of the stolen assets, while the rest remains unaccounted for; the company first cited a compromised engineer’s laptop, then said its investigation found further points of breach. The suspected group has also been linked to other cryptocurrency thefts, including a $1.5bn Bybit heist, and analysts say this attack used laundering patterns they had not seen before.
In short
- Analysts identify North Korea’s Lazarus Group as the likely suspect.
- The Binance hack involved $6.3bn in stolen cryptocurrency.
- Binance says it has secured about 80% of the assets.
Explained simply
Binance is a cryptocurrency exchange, where people buy, sell and store digital currencies. Some of its funds are kept in online wallets, which can be accessed through computer systems that approve transfers.
Lazarus Group is the name given to a hacking group that governments and researchers have linked to North Korea. It has been accused of stealing cryptocurrency before, though identifying who carried out a cyberattack can be difficult.
North Korea faces international sanctions that restrict its access to money and trade. Suspected thefts from cryptocurrency exchanges have drawn attention because they may provide funds that are harder to trace than conventional financial transactions.
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