Crypto & Finance · VIDEO
Kim Yo-jong denies North Korea's involvement in the $6 billion hack on Binance
Kim Yo-jong, sister of North Korean leader Kim Jong-un, has dismissed the FBI's accusations attributing the largest cryptocurrency hack in history, the $6 billion hack on Binance, to North Korea. The attack exploited specific technical vulnerabilities, while Binance has already recovered 95% of the lost resources.
KEY TAKEAWAYS
- Kim Yo-jong denies North Korean involvement in the $6 billion hack on Binance, despite FBI accusations
- The attack exploited EIP-7702 on Ethereum to turn a Binance wallet into a 'sweeper' controlled by the hackers
- Binance has already recovered 95% of the lost resources, also publishing the first set of proof of reserves
- The FBI identified the malicious activity as 'TraderTraitor', while TRM Labs and other companies attributed the attack to North Korean hackers
Transcript
"Kim Yo-jong, sister of North Korean leader Kim Jong-un, has denied allegations that North Korean hackers were involved in the recent $6.36 billion attack on Binance. The FBI had earlier confirmed North Korean involvement, identifying the activity as 'TraderTraitor'. The attack exploited vulnerabilities in Ethereum wallets and pre-signed authorization techniques. Binance has recovered about 95% of the stolen assets using its own funds. The FBI stated that the attack is part of a broader campaign of state-sponsored cybercrime by North Korea. This incident underscores the need for improved security measures on exchange platforms and highlights the vulnerability of hot wallets. Binance is expected to face challenges in strengthening its defenses and addressing user and regulator concerns. Blockchain analysis firms played a crucial role in tracking and identifying suspicious activities. The attack may accelerate regulatory debates on cryptocurrencies and the need for new regulations to prevent similar attacks. The incident caused market volatility, with Bitcoin prices dropping 3.2% and a 7.8% drop in the total value locked in decentralized exchange platforms. Cryptocurrency exchanges are urged to implement advanced security protocols and comply with international regulations to prevent future attacks."
