Binance hacked after North Korea's TraderTraitor stole over $6.3 billion
Binance, the world's biggest cryptocurrency exchange, just faced a massive hack: North Korea's TraderTraitor group managed to steal over $6.3 billion by hacking a compromised DevOps engineer's laptop and making unauthorized withdrawals.
Binance says it has worked with partners to freeze affected assets, with about $3 billion located so far, and users are promised full compensation for any losses.
Hackers converting frozen stablecoins to Ethereum
The hackers are trying to turn those frozen stablecoins into Ethereum, making recovery tougher.
Binance has paused withdrawals, cut off compromised access, and is working with law enforcement and blockchain intelligence partners to track down the money.
Co-CEO Richard Teng said, "Bottom line - your money is safe, and we're covering every loss."
Despite the scare, Binance insists user investments are safe and that it is working around the clock.