Reported by The Guardian
Cryptocurrency exchange says 90% of losses covered as FBI blames North Korean state-sponsored group TraderTraitor
The cryptocurrency exchange Binance has started to allow its customers to withdraw their funds from the platform, as it recovers from a record $6.3bn (£4.7bn) hack.
The exchange was hit by the theft on Thursday, which has since been described as the biggest heist in history, with experts identifying North Korea as the likely culprit.
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Binance initially froze withdrawals as it investigated the breach, but on Sunday announced that it had began a phased reopening after 2pm Singapore time.
The first phase will allow people who hold the ethereum, USDT and USDC tokens on the ethereum blockchain to withdraw their funds, as well as some others held on the BNB Smart Chain blockchain.
The platform said it had replenished 90% of the amount stolen. The remaining 10% of tokens were less liquid, meaning they may take longer to buy, the company said in a post on X on Saturday.
Richard Teng, Binance’s co-chief executive, said separately that the company was “committed to covering the remaining 10%” and that users would not bear the financial impact of the hack.
It came as the FBI on Saturday confirmed earlier suspicions from private investigators and analysts that a North Korea-affiliated group called TraderTraitor was behind the hack.
TraderTraitor is believed to be part of the Lazarus Group, which gained notoriety in 2014 when it was accused of hacking into Sony Pictures as revenge for The Interview, a film that mocked the North Korean leader Kim Jong-un.
“The Federal Bureau of Investigation is releasing information advising the Democratic People’s Republic of Korea (North Korea) was responsible for the theft of more than $6bn in virtual assets from cryptocurrency exchange Binance, on or about October 29,” the law enforcement agency said in a statement.
The FBI added that it had observed “TraderTraitor actors” converting stolen assets into ethereum, and expected those assets to be laundered further by converting them using decentralised finance and instant swap services.
It said it was urging private sector entities “to block transactions with or derived…