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UNIChainalysis says Binance hackers used automated laundering after $6.4bn theft
Chainalysis reports previously unseen, automated laundering patterns after a $6.4bn Binance theft it links to North Korean group Tradertraitor, with attackers swapping stablecoins for ether to outrun freezes.
Why it matters: The theft is the largest on record by Chainalysis's estimate, and the automated laundering and stablecoin-to-ether swaps show how attackers try to stay ahead of asset freezes.
Key points
- Chainalysis estimated the Binance theft at $6.4bn, calling it the largest crypto theft on record.
- Attackers exchanged $325m in stablecoins for about $285m in ether over nearly 20 minutes.
- About $2.8bn had been frozen by 30 Oct, according to Chainalysis, while Binance put the figure at roughly $3bn.
Chainalysis has identified what it calls never-seen-before laundering patterns after the Binance theft, which it estimated at $6.4bn and described as the largest crypto theft on record.
Eastern time on 29 Oct and found an Ethereum wallet funded through Tornado Cash that submitted valid signed authorisations, letting a Binance hot wallet run attacker software.
The patterns first pointed to Tradertraitor, a North Korean cybercrime group, and the mixing of Binance assets with proceeds from September's Bitget theft strengthened that attribution. TRM Labs also attributed the attack to Tradertraitor with high confidence. The attacker moved $500m of stablecoins into a swap wallet, exchanging $325m for about $285m in ether in under 20 minutes. Freezes began by 5:14 p.m. Eastern time on 29 Oct, with about $2.8bn frozen by 30 Oct per Chainalysis and roughly $3bn per Binance.
Live updates on NewsFeeds:StablecoinsEthereumDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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