Hackers responsible for the $6.3 billion theft from Binance Holdings Ltd. have begun funneling some of the stolen cryptocurrency through Chinese money-laundering networks, according to blockchain analytics firm Chainalysis. The group, identified by US authorities as North Korea’s TraderTraitor, has been transferring stolen assets through thousands of digital wallets and across multiple blockchains to obscure their origins.
Chainalysis reported that it has tracked hundreds of thousands of dollars from the Binance theft flowing into Chinese laundering networks. This follows a pattern observed in previous thefts attributed to North Korean hackers, who have historically used these networks to launder stolen funds.
The scale of the Binance hack, one of the largest in cryptocurrency history, highlights the growing sophistication of cybercriminals targeting digital asset platforms. The use of complex laundering techniques underscores the challenges faced by law enforcement and regulatory bodies in tracing and recovering stolen funds.