Kathmandu. Binance, the world’s largest crypto exchange, has become the victim of the biggest crypto theft ever.
The FBI has accused dictator Kim Jong Un of stealing more than $6 billion worth of cryptocurrency through this cyberattack on North Korea. After this news, the price of many major cryptocurrencies, including Bitcoin and Ethereum, has fallen sharply. However, Binance has said that it will bear the full loss of the stolen money.
According to the FBI, the North Korea-linked hacking group TradeTrator carried out a cyberattack on Binance around October 29. The agency said that the hackers are converting the stolen digital currency into Ethereum. They can then try to hide the money through decentralized financial platforms and instant crypto exchange services.
The FBI has asked crypto companies and other entities to stop transactions involving digital wallets linked to hackers. According to the agency, the group has previously been accused of stealing from major crypto platforms.
Binance has set aside more than $6.34 billion in the company’s fund to compensate for the losses caused by the hacking. According to the company, it has returned about 90 percent of the stolen money by purchasing tokens from its own funds.
However, it may take time to get the remaining 10 percent of the money back. Because some related tokens are not readily available in the market. The company has said on the social media platform X that Binance will fully compensate for the financial loss caused by the theft.
Following the cyberattack, Binance has temporarily suspended users’ withdrawals from its platform. In its latest update, the company said it is ready to resume exports from Sunday.
Binance is the world’s largest crypto exchange. A large amount of digital currencies are traded and traded here every day. This attack has raised concerns about the security of the crypto market. – Agency
