North Korea-Linked Hackers May Need Months to Launder $3.3 Billion From Binance Hack
Summary
- Blockchain analysis experts said it could take months or longer to launder the approximately $6.3 billion stolen in the Binance hack, including the $3.3 billion still in the hackers’ hands.
- The hackers are expected to split the stolen funds into small amounts and route them through decentralized finance (DeFi), cross-chain bridges and crypto mixing services before trying to cash out through exchanges with weak KYC procedures and over-the-counter (OTC) brokers.
- Blockchain analytics firm Elliptic said the hackers executed more than 40,000 transactions using around 12,000 wallets over four days, while the FBI identified North Korea-linked hacking group TraderTraitor as the culprit.
Forecast Trend Report by Period
Hackers behind the Binance hack may need several months or longer to launder the stolen funds, the Financial Times reported on November 3.
Blockchain analysis experts estimate it will take months or more to wash the roughly $3.3 billion still under the hackers’ control from the approximately $6.3 billion stolen in the Binance hack, according to the report.
The hackers are splitting the proceeds into smaller amounts and routing them through decentralized finance, or DeFi, platforms, cross-chain bridges and crypto mixing services to make the money harder to trace. They are then expected to try to cash out through exchanges with weak know-your-customer, or KYC, procedures and over-the-counter, or OTC, brokers.
Blockchain analytics firm Elliptic said the hackers carried out more than 40,000 transactions using about 12,000 wallets in the four days after the hack.
Earlier, on October 31, the FBI identified North Korea-linked hacking group TraderTraitor as being behind the Binance hack. North Korea has denied the allegation.
Uk Jin
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