Blockchain analysts and law enforcement are racing to recover more than $6bn in cryptocurrency stolen from Binance, with investigators now attributing the attack to a North Korean state-backed group, CNBC reports.
TRM Labs and Chainalysis both linked the theft to the hacking group known as TraderTraitor. TRM Labs' Ari Redbord described a race against time to stop the hackers converting the coins into ordinary currency through laundering networks.
Binance says about $3bn has been frozen so far, largely after stablecoin issuers including Circle and Tether moved to block funds, and it has promised to cover customer losses from its emergency user fund. According to TRM Labs, the hackers quickly sold some stablecoins to market makers and borrowed ether against them, because ether is harder to freeze.
Source: CNBC
